Adjustment of FBT to Excess tax deposited

[BHASKER MURALI]

Hi, I have a small doubt that we paid excess amount as self assessment tax, so please advoice that can we adjusted to FBT for the same financial year please advoice.We have a liability in FBT

AI Summary

Taxpayer Inquires About Adjusting Excess Self-Assessment Tax Against FBT Liability; Experts Advise Requesting Adjustment via Assessing Officer A user inquired about adjusting excess self-assessment tax paid against their Fringe Benefits Tax (FBT) liability for the same financial year. One respondent, Tushar Sharma, stated that the excess self-assessment tax cannot be adjusted against FBT payable. Another respondent, Dev Kumar Kothari, explained that while Section 115 WL and Section 237 allow for adjustments between FBT and income tax refunds, it is advisable to formally request the adjustment from the assessing officer. Kothari suggested that due to the novelty of the issue, it might be considered favorably, although interest calculations might differ for FBT and income tax refunds.