TaxTMI 
TaxTMI 
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
Adjustment of FBT to Excess tax deposited
25 Sep 2009 
3 Replies 
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Adjustment of self-assessment tax: offset against FBT possible only through authority's adjustment of refund and demand.
Excess self-assessment income tax cannot be directly adjusted against FBT payable; however, the assessing officer may adjust an income-tax refund against an outstanding FBT demand under the claim-for-refund and set-off mechanism. Taxpayers should file a refund claim and request the assessing officer in writing to treat part of an excessive income-tax payment as payment towards FBT, bearing in mind that interest on the refund and on the FBT demand may be computed separately. (AI Summary)
Excess self-assessment income tax cannot be directly adjusted against FBT payable; however, the assessing officer may adjust an income-tax refund against an outstanding FBT demand under the claim-for-refund and set-off mechanism. Taxpayers should file a refund claim and request the assessing officer in writing to treat part of an excessive income-tax payment as payment towards FBT, bearing in mind that interest on the refund and on the FBT demand may be computed separately. (AI Summary)