FBT Collections down – wise tax payers!
The Fringe Benefit Tax collections for the first quarter of 2009-10, showed a negative growth of 7.56 percent (Rs.1,031 crore as against Rs.1,115 crore) compared to the corresponding period last fiscal. Maybe many of the taxpayers were aware of the fact that FBT would be abolished and so they did not pay the tax that was payable. Now it is doubtful, whether the Department would refund the FBT collected.
Please see our Budget Analysis - FBT: Controversial in birth and controversial in death too!