Liability of FBT, Income Tax

[vipin mittal]

Are we liable to pay FBT after abolishment news comes in budget 2009 for the F.Year 2009-10. Reply me if you have a clear notification or advice to me do or not.

Posts / Replies

[Dinesh Gupta]

Yes, FBT has been removed from financial year 2010-2011 only

[Surender Gupta]

FBT provisions have been abolished from assessment year 2010-2011. I think Mr. Dinesh Gupta has inadvertently mentioned "financial year" instead of "assessment year."

[Rama Krishana]

FBT has been abolished with effect from financial year 2009-2010. FBT deposited in advance - government is considering modalities to give the benefit of such amount. Option 1 - FBT deposited till date would be refunded to the assessee. Option 2 - FBT deposited would be treated as advance tax and to be adjusted with the routine income tax liability or advance tax liability of the corporate. Let us wait for the appropriate clarification and / or amendment in this respect.