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Urgent Query regarding FBT

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CA IN PRACTICE...

490 Points Posted on 25 December 2009

Dear Friends

Can anybody tell me the amendment in FBT from 1-4-2010

it means in 2009-2010 (i.e. 1-4-2009 to 31-3-2010) we have to

calculate it for all year or Ist quarter only.

It will be terminated from 1-4-2010

Is it. or any other notification

Please guide because one of my friend is accountant in any

partnership firm and he says that from Ist Quarter of 2009 that

is 1-4-2009 to 30-6-2009 there is no FBT calculation on related

expenses and he puts as much as expenses to that heads that

which he use to ignore earlier.

Please guide.

Replies (5)

CA.Tarun Maheshwari

CA DISA

7150 Points Posted on 25 December 2009

FBT Abolished wef 01.04.2009. It means in financial year 2009-10 no FBT shall be calculated or deposited. In case anybody have calculated and deposited the FBT, the situation will create problem for him. In this case, FBT paid shall be treated as advance income tax paid for for FY 09-10. But no clarification from the department has been issued yet. In my opinion, stop depositing FBT now, and wait for any clarification wrt the FBT already deposited for FY 2009-10.

Vikram Gagneja

a/c

108 Points Posted on 25 December 2009

FBT is withdraw from 01.04.09

Harish Bhootra

Service

76 Points Posted on 25 December 2009

FBT is abloished with effective from 1.4.2009 and if u had paid 1st installment then u can claim refund. but clarification from IT department is still awaited.