Liability of FBT

[vipin mittal]

Are we liable to pay FBT after abolishment news comes in budget 2009 for the F.Year 2009-10. Reply me if you have a clear notification or advice to me do or not.

AI Summary

Fringe Benefit Tax Abolished in 2009-2010: Awaiting Government Clarification on Refunds or Advance Tax Treatment A query was raised about the liability to pay Fringe Benefit Tax (FBT) for the financial year 2009-2010 following its abolishment announced in the 2009 budget. One respondent clarified that FBT was removed starting from the financial year 2010-2011, while another corrected this to the assessment year 2010-2011. A third respondent noted that FBT was abolished from the financial year 2009-2010 and discussed potential government actions regarding FBT already paid, suggesting it might be refunded or treated as advance tax. Further clarification or amendment from the government is awaited.