Refund of Tax
This query is : Resolved
Mayank Rungta
(Querist)
24 September 2009
I had advance standing Rs. 1000000, towards income tax refund, however I received Only Rs. 800000, what should be the treatment of the balance Rs. 200000???
Ratan Sharma
(Expert)
25 September 2009
Transfer the balance amount to the proprietor/partners capital account.
Mayank Rungta
(Querist)
25 September 2009
BUT IT A COMPANY I AM TALKIING ABOUT DEAR...... WHAT SHOULD BE THE APPROPRIATE TREATEMENT??????
Ratan Sharma
(Expert)
25 September 2009
If it is company then transfer it to the general reserve/profit & loss account appearing in the balancesheet.
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