Income tax refund
This query is : Resolved
Arij Shaikh
(Querist)
18 November 2014
what will be the treatment of income tax refund of company of last year received in current year?.will it be treated as income or not? then what is the treatment?? thanks in advance.
Amol S Joglekar
(Expert)
18 November 2014
It is not treated as income. The amount in excess of provision for income tax has been received as refund. Credit the same to income tax paid account of that year.
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