Excise rebat Claim
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 March 2011
What is the accounting treatment of excise rebat claim refund.
Can it be treated as income
Can it be treated as income
U S Sharma
(Expert)
16 May 2011
if the duty paid at the time of clearence is claimed as expenditure, then the rebate claim whould be "indirect income"
if the duty a/c is in asset and P/L is not effected except the excess duty paid, then at the time of clearence asset would change hand from duty a/c to rebate a/c and at the time of realization rebate a/c will get nil.
if the duty a/c is in asset and P/L is not effected except the excess duty paid, then at the time of clearence asset would change hand from duty a/c to rebate a/c and at the time of realization rebate a/c will get nil.
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