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Advance FBT paid in FY 2009-10 can be adjusted against Advanvce Tax

By : Vineet on 08 February 2010 Print

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The CBDT vid circular no 2 of 2010 dated 29-1-2010 has decided that any installment of advance tax paid in respect of fringe benefit for A.Y. 2010-11 shall be treated as Advance Tax paid by assessee concerned for A.Y. 2010-11. The assessee can adjust such sum against its advance tax obligation in respect of income for A.Y. 2010-11 or in case of loss to claim such payment as refund as advance tax paid in A.Y. 2010-11.