Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: TDS :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: articles on VAT and GST in India :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: form 3cd
 
 
News Headlines »
 Govt to simplify income tax laws, sets up task force under taxman Arbind Modi to study overhaul
 Infosys to configure GST network for filing returns
 Save income tax through mutual fund investment. All you need to know
 Income tax returns (ITR): On sale of property, here is what you should know
 Section 35 of the Income-tax Act?
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961

Govt to soon clear air on Tax refund
August, 06th 2009

A mechanism may be on the anvil to help companies to reclaim the fringe benefit tax they had paid for the first quarter along with advance corporate tax, as the government goes about implementing the budget proposal to abolish the levy with retrospective effect from April 1, 2009.

Companies may be able to seek a refund or a set it off against their other tax liabilities, and the finance ministry, which is examining the issue, is likely to come out with a clarification on the matter, said a senior official.

Finance minister Pranab Mukherjee had abolished the tax in the Budget 2009-10 presented in July.

However, companies had to pay FBT along with corporate advance tax in June, ahead of the presentation of the budget. The government had collected over Rs 1,000 crore as FBT in the first quarter, April-June, 2009-10.

Tax experts say the Central Board of Direct Taxes, the apex direct tax body, will have to clarify the matter and prescribe a mechanism for a refund or tax adjustment in the current financial year.

It is a unique situation with no easy solution since taxes have been collected against a provision that may no longer exist. Ideally, taxpayers should be permitted to claim a refund right away by means of a specified form that CBDT could notify.

If taxpayers have to claim the refund under their normal tax returns, it would be a two-year wait at the minimum which is too long, said Amitabh Singh, partner, Ernst & Young.

While the tax can be easily set-off or adjusted against future advance tax payments of companies, a refund is the only option for a loss-making company. In respect of loss-making companies, liaison offices, where they are not liable to pay corporate tax, the FBT paid in first quarter would have to be claimed as a refund as it cannot be adjusted against any other tax, said Vikas Vasal, executive director, KPMG.

FBT, introduced by former FM P Chidambaram in 2005, is a kind of presumptive tax on expenditure incurred by a company on its employees.

Some of the benefits given by an employer to the employees were taken as deemed to be given, such as travel and hotel stay, of which 20% of expenditure incurred is treated as deemed fringe benefit.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions