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Now the fringe benefit tax has been withdrawn for the asst year 2010-11.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 available; file a refund application now or await government adjustment guidance. FBT has been withdrawn for the assessment year, and amounts remitted for the first quarter may be refunded; an application for refund with interest can be submitted immediately. Alternatively, the government may allow adjustment of the FBT remittance against regular tax once it issues clarification, so taxpayers may either apply for a refund now or await guidance permitting adjustment.