Excise duty refund is a business income or not
This query is : Resolved
04 November 2011
Dear All,
Our firm engaged in the business of manufacturing at SIDCO, Bari Brahmana, Jammu. We are enjoying benefit of Excise Duty exemption (First paid than refund). At the time of computation of taxable income, we considered the amount of Excise Duty refund as a business income and avail deduction u/s 80IB. Kindly suggest the Excise Duty is business income or not, if yes, is allowable in u/s 80IB.
Regards
RAKESH MITAWA
Dear All,
Our firm engaged in the business of manufacturing at SIDCO, Bari Brahmana, Jammu. We are enjoying benefit of Excise Duty exemption (First paid than refund). At the time of computation of taxable income, we considered the amount of Excise Duty refund as a business income and avail deduction u/s 80IB. Kindly suggest the Excise Duty is business income or not, if yes, is allowable in u/s 80IB.
Regards
RAKESH MITAWA
05 November 2011
At the time of payment if you are showing it an expense, then it is income.
Otherwise it is just a refund, which is credit against the excise duty paid -in a case where Duty is shown as Receivable.
Otherwise it is just a refund, which is credit against the excise duty paid -in a case where Duty is shown as Receivable.
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