Refund of government grant

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Prabhpreet Singh Sheetal (Querist)
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07 November 2014 Government grant recorded as income in a financial year on provisional basis = rs.10 lakh In the subsequent year, only rs. 2 lakh were actually received from the government. what will be the accounting treatment of balance rs.8lakh? whether the return of original year will have to be revised by claiming income of rs 2lakh instead of 10lakh ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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07 November 2014 If you have already filed taxes for the year in which income was booked, better just write off the receivables in subsequent year and claim deduction in p&l account

Amol S Joglekar

Amol S Joglekar (Expert)
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07 November 2014 Which year you are talking of? And who did the audit of such a grant on PROVISIONAL basis? What are you talking dear...can you please elaborate?

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