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.
4 Replies
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
We have paid this amount in the month of June 07 itself. My question is should i show this provision in current year accounts as what we are doing in case of provision for Income Tax.?
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
Recent Topics
- How can I check the platform number for my train?
- Gratuity under CTC
- GST refund paid as estimated tax liability
- Salary Income and Professional services income
- Sec 54 and TDS on sale of property
- Airbnb Manager - I manage properties for owners
- Wrong head ed for late fee
- Inter Company trnafer
- Job work-Reg
- Who is liable to pay GST if bank charges excl GST
Related Threads
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
