Income tax refund
This query is : Resolved
Rajesh Kumar Loya
(Querist)
25 September 2013
Dear Sir/Mam,
Our company has received Income Tax Refund. Kindly let us know the treatment in Books of Account. Is it Income or Not?
Our company has received Income Tax Refund. Kindly let us know the treatment in Books of Account. Is it Income or Not?
CMA Ramesh Krishnan
(Expert)
25 September 2013
It is not income. it is the excess payment of tax you are getting back. only interest received on refund is the income
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