Refund of FBT

[Ganges Limited]

Now the fringe benefit tax has been withdrawn for the asst year 2010-11. But we have remitted amount under fringe benefit tax for the Ist quarter of the FY 2009-10. Kindly inform me whether this tax is refundable.

[DEV KUMAR KOTHARI]

Yes, it is refundable. Few dasy ago ther was news in ET that FM will intoruduce mechanism for refund. However, an application for refund with interest can be submitted immediately.

[Mukesh Kumar]

I agree with the view of Mr. Dev Kumar Kothari, you should file an application for refund. But alternatively you may wait some time preheps, government would come out with some clarification and allow the adjustment of FBT with regular tax.

AI Summary

Fringe Benefit Tax Refund for FY 2009-10 Confirmed; Consider Applying with Interest or Await Government Clarification. A user inquired about the refundability of the fringe benefit tax (FBT) paid for the first quarter of the fiscal year 2009-10, following its withdrawal for the assessment year 2010-11. Two respondents confirmed that the FBT is refundable. One suggested submitting an application for a refund with interest immediately, citing news of a potential refund mechanism. The other agreed but also mentioned the possibility of waiting for government clarification that might allow adjusting the FBT against regular tax.