IAS Global Watch*



January 29, 2010

- IAS Global Watch Archive

International assignment services' home page

    

India - Fringe Benefit Taxes paid in the financial year 2009-10 to be adjusted with income tax liability

The Fringe Benefit Taxes (FBT) was introduced in the Indian financial year 2005-06 and was abolished in July 2009 with effect from April 1, 2009 (Indian financial year 2009-10). FBT was payable in advance in four quarterly installments and accordingly, the first installment of advance tax of FBT would have been due, prior to it being abolished, in July 2009. To date, there was a lacuna as to how the FBT paid in advance for the current financial year would be refunded back to the assessee.

The Central Board of Direct Taxes (CBDT) has today come out with a circular that the FBT paid can now be adjusted against the income tax obligation payable in advance with respect to the income pertaining to the Indian financial year 2009-10, and in cases of losses etc, the unadjusted amount, if any, can be claimed as a refund.

Click here for more information.


*connectedthinking   		    

 

 



This document is for general information purposes only and should not be used as a substitute for consultation with professional advisors.

This e-mail was sent by PricewaterhouseCoopers LLP, with a principal place of business at 300 Madison Avenue, New York, NY 10017. If you no longer wish to receive this particular e-mail communication from PricewaterhouseCoopers LLP, click the Subscriber Profile link in the footer of this e-mail to log into our subscription management system. From this site, you can select which publications you want to receive or you can choose not to receive any of the available publications.
Privacy    Subscriber Profile
The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. PricewaterhouseCoopers LLP is a Delaware limited liability partnership.