Hello, in last financial year we have paid excess FBT, I want to know what treatment should be given for excess paid FBT? Whether it is treat as Expense or Other Asset? Thank you
Jaideep
3 Replies
Rishubh Mathur
(Analyst -Taxation)
(442 Points)
Replied 21 June 2008
Since amount of FBT paid in excess is refundable in nature, you may show it in your books as recoverable deposit with revenue authorities, and claim refund of the same in annual Income-tax & FBT return.
Himani Chauhan
(Student CA Final )
(45 Points)
Replied 12 August 2008
Fbt paid in excess is refundable.So while filing the fbt return u can show it as refundable amount & hence can be claimed back from the tax deptt
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