Claim FBT refund or adjust against I-T, says CBDT

Written by Press Trust of India | New Delhi | Updated: Jan 31 2010, 05:21am hrs
Taxpayers can now adjust the advance fringe benefit tax paid for the current fiscal against income tax or claim refund as the FBT is no longer in force. The FBTthe tax on the added benefits or perks given by the employer to the employeewas abolished by finance minister Pranab Mukherjee in the the Finance Act 2009 with effect from assessment year 2010-11. The tax was introduced in 2005. However, during the current fiscal some assessees have paid advance tax in respect of fringe benefits for assessment year 2010-11.