Advance FBT paid for the FY:2009-10 is to be treated as advance income tax paid, so that the same can be adjusted against incometax liability

THE POST BUDGET MEMORANDUM OF THE ICAI CLEARLY SPECIFIES AS UNDER

"Advance FBT paid should be treated as advance income tax paid, so that the same can be adjusted against incometax liability in order to avoid the procedural hassles and time involved in claiming refund. Further in case there is no advance tax payable either on account of loss or exempt income appropriate circular be issued to grant refund."

To download the post budget memorandum just click here : http://www.mediafire.com/file/yjylh2ligyi/16677postbudget_memorandum09.pdf

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