Is FBT applicable for the AY 2010-11
RAMANJU (here to updating the knowledge) (485 Points)
07 July 2009
Is FBT abolished retrospectively.
23 Replies
santhosh
(CA)
(636 Points)
Replied 07 July 2009
Yes FBT,CTT not applicable for PY 2009-10 (AY 2010-2011).
Should be adjusted for income tax .This is a practical adjustment,though not stated in Law. Its just like IT department adjusting FBT refund for Income tax payable
RAMANJU
(here to updating the knowledge)
(485 Points)
Replied 07 July 2009
but how abt advance tax paid as of now? Will it be refunded?
CMA viral
(service)
(29 Points)
Replied 07 July 2009
What about perquisites which were chargeable in the hands of emplyer by way of FBT? will it be chageable in the hands of employees now?
santhosh
(CA)
(636 Points)
Replied 07 July 2009
Those perks will surely be taxed in the hands of employee.
CMA viral
(service)
(29 Points)
Replied 07 July 2009
If my company pays me some amount as - Entertainment allowance i.e. they reimburse me the food bills of say 2000 p.m. which was earlier chared as FBT, now will it be taxable in my hand ?
Ashish Mishra
(Asst. Manager (F&A))
(27 Points)
Replied 07 July 2009
Hi All,
I have paid adavance FBT for 1st Qtr of FY 09-10 of which due date was 15 June 09.
But now, FBT is abolished by Budget 2009, so please tell me what would be the treatment of the advance tax already paid?
Would that be eligible for Refund & if yes, how? is that by filling normal IT Return?
Is there any other adjustment possible to get the advance tax adjusted against NOrmal Income Tax Advance Payment for FY 09-10?
Sagar
(Student)
(142 Points)
Replied 07 July 2009
Yes if you paid FBT in advance then it will be adjusted against NOrmal Income Tax Advance Payment for FY 09-10. So be cool do not take tension now.
Sagar
(Student)
(142 Points)
Replied 07 July 2009
Yes if you paid FBT in advance then it will be adjusted against NOrmal Income Tax Advance Payment for FY 09-10. So be cool do not take tension now.
RAMANJU
(here to updating the knowledge)
(485 Points)
Replied 07 July 2009
How abt the perquisits which were being taken as FBT ( before abolishing) be taxed in the hands of employees? The benefits like Motor car valuation etc..,
MohanaSundaram
(Finance Executive)
(33 Points)
Replied 07 July 2009
With FBT being abolished, will the department given a refund of FBT paid for the 1st quarter
praveen
(Chartered Accountant)
(6971 Points)
Replied 08 July 2009
well then is providing car to a employee a perqusite. Because earlier when FBT was present it was not included as the company would pay FBT. Now what might be circumstance.
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