Excise rebat Claim

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Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2011 What is the accounting treatment of excise rebat claim refund.
Can it be treated as income

U S Sharma

U S Sharma (Expert)
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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.

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