Disclosure of income tax refund
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 August 2012
hello, in the first year of our company, we had opeartions for only four months. so we did not created any provision .. however we had paid taxed of around 4 lacs. which were later refunded.
how do i disclose this income tax refund in my financial statements
how do i disclose this income tax refund in my financial statements
CA. Subhash Dangi
(Expert)
29 August 2012
Where u have shown the income tax Rs.4 lacs paid in previous year financial statements?
If it is debited to P&L account in last year, then u credit this refund in P&L account of current FY.
If U shown as current assets in PY, then credit to that account current FY and it will nullify.
If it is debited to P&L account in last year, then u credit this refund in P&L account of current FY.
If U shown as current assets in PY, then credit to that account current FY and it will nullify.
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CA Ayush Agarwal
(Expert)
29 August 2012
Yes, Just Reverse The Previous Entry.
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