Treatment in accounts
This query is : Resolved
18 March 2015
if the company has paid advance tax ,finally the has to get refund from the income tax authorities for that what is accounting treatment because assessment u/s143(1) is not completed can show refund in books of accounts or not???
19 March 2015
whether it is co or which entity pls specify?
Soumitra Basu
(Expert)
19 March 2015
You have to debit the Total Amount of tax payable including surcharge, cess and interest in Profit and Loss Account as per your own calculation. The balance amount, if any, can be shown as Tax Refundable under Short Term Assets/
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