Hi,
My firm has paid excess FBT of Rs. 15000/- in previous financial year and our income tax liabilty is Rs 60000?- in the same financial year.
Can this excess payment of FBT be set off against Income tax payable by us?
Regards,
M.L.Sharma
13 Replies
DINESH KUMAR
(CHARTERED ACCOUNTANTS)
(79 Points)
Replied 14 September 2008
| Originally posted by :KKG | ||
| " | Hi, My firm has paid excess FBT of Rs. 15000/- in previous financial year and our income tax liabilty is Rs 60000?- in the same financial year. Can this excess payment of FBT be set off against Income tax payable by us? Regards, M.L.Sharma |
" |
No
Murali
(CA final cleared and CS final)
(102 Points)
Replied 14 September 2008
No it cannot be set off
NANDURI RAVI SURYA NARAYANA MU
(ACCOUNTANT)
(194 Points)
Replied 14 September 2008
KKG
My firm has paid excess FBT of Rs. 15000/- in previous financial year and our income tax liabilty is Rs 60000?- in the same financial year.
Can this excess payment of FBT be set off against Income tax payable by us?
Regards,
M.L.Sharma
Some times it can be setoff, depends upon the assing officer wish."
CA Annie
(Chartered Accountant )
(747 Points)
Replied 14 September 2008
It cannot be set off at all.
CA MOHIT VAATS
(Consultant)
(554 Points)
Replied 15 September 2008
You can setoff the FBT advance against Income tax liability
jaideep
(Articleship)
(44 Points)
Replied 15 September 2008
u cannot setoff FBT against Income tax as they both are different assessments
CA RAMESH KUMAR AHUJA
(CA, DISA, LLB)
(5452 Points)
Replied 27 September 2008
No,it can not be set off
CA Ravish Trivedi
(The Possibilities are Infinite...)
(772 Points)
Replied 27 September 2008
u cannot set off but u can claim refund of excess fbt paid.
Taxguy
(Consultant)
(3383 Points)
Replied 01 October 2008
No both are different taxes and set off of taxes is never done in IT.
lokesh
(CA FINAL)
(81 Points)
Replied 22 June 2009
What is FBT Receivable which has been shown in Current Assets
Rakesh
(Interenal Auditor)
(38 Points)
Replied 23 June 2009
No, you cannot set off against to I.T laibility.
While assessment you can claim for excess FBT paid for that year.
Anumanchipalli Sathikonda
(Tax Consultant)
(1559 Points)
Replied 23 June 2009
Dear Friends
FRINGE BENEFIT TAX is covered under Chapter XII-H of Income-tax Act, 1961.
Section 245 of Income-tax Act, 1961 empowers an Assessing Officer to set off the amount to be refunded under any provisions of Income-tax Act against the sum if any remaining payable under this Act after giving intimation in writing to the assessee.
Though there is no provision in the act that the assessee can make an application to set off the refund due to him againt any demand due from him, the Assessing Officers are entertaining such applications moved by the assessees.
In view of the above an application can be moved before the Assessing Officer requesting him to set off refund due under FBT against the income-tax payable as the section 245 speaks of any refund and any tax under the provisions of Income-tax Act, 1961.
Best Wishes
Sathikonda
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