CA Jay Kumar Sharma (CA) (88 Points)
19 September 2008Sir, I have 2 Question:-
1. If we caluculate estimated income (Books of Accounts not maintained) u/s 44AD/ 44AF / 44AE for partnership firm then FBT will be applicable or not? If FBT will be applicable the what would be the process of calculating FBT.
2. Can we adjust FBT with TDS in Income Tax Return.
Please reply fast.
Jay
9304270080
Rabnoor Singh Khanna
(Accountant)
(77 Points)
Replied 19 September 2008
1. A partnership firm has to get audited. As per sub section 2 of Sec 44AD, 44AE, 44AF all expenses are deemed to have given effect while estimating income. But FBT is applicable in Partnership. We have to file the FBT return in Dept. Therefore we have maintain the records in this case.
2. We can't adjust TDS with FBT in Income tax return. both are different things. TDS is levied on Income tax and FBT is levied on expenses.
CA Jay Kumar Sharma
(CA)
(88 Points)
Replied 19 September 2008
Bur sir if we don't maintain books of account how we will know exact expenses for FBT calaculation.
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