FBT

Navrookie

Hi,

Can some one say me What is the use of

a) Accounted in Balance Sheet
b) Reimbursement from Client
c) Recovered from Employee

in update FBT form.

Thanks & regards,
Arvind

ssingla

Help says:
Reimbursement from Client
If any expense is reimbursed from client then it will be considered for the purposes of FBT and it will be shown in the
Reimbursement from client column of the Calculate FBT form.

Recovered from Employee
If any expense is recovered from employees that will not be considered for the purposes of FBT and it will be shown in the amount recovered from Employees column of the Calculation of FBT Form.

Accounted in Balance Sheet
If the entry is related to the Balance Sheet. If that expense is coming under section 115 WB of the Income Tax Act then FBT should be paid. This amount will be shown in Accounted in Balance Sheet of Calculate FBT form.

Navrookie

My doubt is.. If the amount has been received back from Client or Employees, Naturally the amount would be reduced from that particular ledger in that case why is this option given.. :?

ssingla

You need to learn the Indian taxation.

Navrookie

Hi,

Is There any PDF to Study Indian Taxation, or is there any book available to study Indian Taxation.

ssingla

For Income tax, TDS, FBT you can refer to Ready Reckoner. I wonder that will help much, you need experience and basic knowledge of taxation to use these books. Ask a Chartered Accountant/senior accountant/financial functional consultant to guide you in person.