Refund of government grant
This query is : Resolved
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
(Expert)
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
(Expert)
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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