Question ID : 2446

Excess Fringe Benefit tax paid

Suppose we have deposited Rs 100 as Advance Frge benefit Tax for the F,Y 2005-06. But Actual liability of FBT is Rs 130000.

My Q is, How we should present the same our Fancial statement. Sce the guidance note on FBT issued by the stitute , it is written that the amount of FBT ( net of advance tax theron), outstyandg if any, at the year end, should be disclosed as a provision the Bance sheet. And it is silent about the treatment of prepaid FBT. '

Post Your Answer

Please login to post your answer.