SARVJEET (XXX) (27 Points)
04 September 2008Is advance payment of FBT necessory to the 15% of advance tax of FBT, if some company pays 100% of Ist Quarter liability (i.e FBT as per the actual expenses incurred for First three months) what would be the implications, if this FBT comes less than 15% later on.
Vijay Budhwani
(AVP Tax)
(326 Points)
Replied 04 September 2008
Hi Sarvjeet
Please be clear as to what you mean.
Vijay Budhwani
(AVP Tax)
(326 Points)
Replied 04 September 2008
Normally what everyone does is they calculate the total value of expenses liable to FBT till date to pay the relevant advance tax liability
CA Rajiv Kumar Pandey
(Salried)
(34 Points)
Replied 05 September 2008
Hi Sarvjeet,
As per the provisions of the act it is quite clear that advance FBT to be paid after considering your annual projected liability, so if u pay the advance FBT based on ur actual expenditure of a particular quarter and later on there is a huge expenditure which attracts the FBT Provisions then u have to pay the Interest if u fail to maintain the minimum %age of Advance FBT payment of ur total FBT Liability.
The Provision for Advance Payment of FBT is same that what we follow for the Advance Income tax. (Refered Section 208, 234A,234B,234C of IT Act to have a brief Idea, as the FBT Provisions are in line with this sections).
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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