hi all
We have made a provision for FBT as on 31.03.2007 which amouns to Rs.2 Lacs. Does it have any impact on accounts as on 31.03.2008.
Shekar
(CA & LCS )
(1109 Points)
Replied 28 May 2008
U have to reverse the provision when FBT (last year) is actually paid...
anish
(Chartered Accountant)
(118 Points)
Replied 28 May 2008
Shekar
(CA & LCS )
(1109 Points)
Replied 28 May 2008
If u have already paid then y do u make provision...provisions r made for future liability which cannot be quantified on 31 st march...
Azmathullah Khan
(Accounts Manager)
(1386 Points)
Replied 28 May 2008
FBT For FY 2006-07 payable Rs.2L., if the FBT is 2L exactly then provision entry is right.,
Sometime at the time of subbmiting return we calculate the correct FBT., that FBT to be provide for provision for expenses
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