Income & expendature
This query is : Resolved
23 June 2013
tax refund came which side income & expendature and what is tax refund assest &
laibilities
laibilities
23 June 2013
Income tax refund is not income or expenses. it is receivable against the current assets
23 June 2013
Continuing Ramesh Ji,if interest element is embedded in the refund, then interest part has to be recognized as revenue in the I & E a/c or P & l a/c.
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