Income Tax Refund

This query is : Resolved

Atul M (Querist)
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25 September 2016 Dear Experts, Could you please tell me that if company received Income Tax Refunr for F.y 2014-15 in the year 2015-16. what entry will be made in the company books ? Assessment has not been done for the year 2014-15 ?

ACA Anurag

ACA Anurag (Expert)
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26 September 2016 Dear atul, Book it as indirect income in the books of accounts in the year when the refund is received and reduce the tds receivable

Amol S Joglekar

Amol S Joglekar (Expert)
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26 September 2016 Are you in a position to tell....what entry the company had passed in its books of accounts for the financial year 2014-15, for the said income tax paid??????(TDS or otherwise)
Also let me know the provision of income tax, if any, made by the company in the same year???????