Feb. 4 – Taxpayers can now apply for an adjustment or claim a refund for Fringe Benefit Tax (FBT) paid in advance starting this year.
The FBT was dissolved by the Finance Act 2009 effective 2010. The FBT, implemented in 2005, levied added benefits or perks given by the employer to the employee. Some companies have already paid advance FBT for the 2010-11 period last year.
The payment of advance FBT for this year can be considered as advance income tax paid by the assessee. Any unadjusted amount may be claimed as a refund in the return of income for assessment year 2010-11 filed later this year.
For professional advice in dealing with Indian taxes email mumbai@dezshira.com.
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