banner_ad

Refund

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
24 May 2016 Dear Sir,
Suppose an assessee who has reeceived income tax refund of Rs. 10000/- and Rs. 1000/- interest thereon for the fy 2014-2015 and the refund is received in fy 2015-16. Now preparing his capital a/c for the fy 2015-16, only interest amount should be added
or
refund + interest both amount should be added ?

Please clarify.
Thanks.
Profile Image

praveen

Profile Image

praveen (Expert)
24 May 2016 Depends on the accounting method u have adopted. If refund receivable account is present then only interest gets added to the capital account otherwise the complete amount gets added to capital account
Profile Image

CS Advocate Abhishek Goyal

Profile Image

CS Advocate Abhishek Goyal (Expert)
25 May 2016 Only refund due originally will be taken to capital account and interest thereon gets added in total income therefore interest on refund will be added back to capital in the form of income which is credited to capital account.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details