refunds from income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 March 2010
In private ltd. co. refunds for rs. 55000 was received. Under what head should the refunds from income tax received be booked. Is it income from other sources. Kindly guide.
Aditya Maheshwari
(Expert)
26 March 2010
The company must have shown the amount as income tax refund due under the head loans & advances. So it should reduce its balance.
If no such thing is there then it will be a below the line item and show it under short / excess provision for tax
If interest is also received then it should be shown in interest income.
If no such thing is there then it will be a below the line item and show it under short / excess provision for tax
If interest is also received then it should be shown in interest income.
CA Ashok Kumar Sahu
(Expert)
26 March 2010
agree with expert
CMA Ramesh Krishnan
(Expert)
26 March 2010
agree with Mr.Aditya
Aditya Maheshwari
(Expert)
26 March 2010
Thank you all for your agreement
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