Tax refundable after completion of assessment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 January 2016
Tax refundable is showing in the books of accounts 95000/-
Tax refundable is showing in the Income Tax return 97000/- (after adjusting brought forward loss)
If assessment is done and received 97000/- ,what would be entries in the books of accounts ?
Tax refundable is showing in the Income Tax return 97000/- (after adjusting brought forward loss)
If assessment is done and received 97000/- ,what would be entries in the books of accounts ?
CA PARAS BAFNA
(Expert)
07 January 2016
Sir/Madam, Will you explain how tax refundables in the books is calculated ?
.
However, If the excess received is not termed as interest by the department, you can credit the same to capital account.
.
However, If the excess received is not termed as interest by the department, you can credit the same to capital account.
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