Treatment of income tax refund recieved
Querist : Anonymous
My client has received a refund of approx. 20 lacs, during the year. There was no receivable standing in the books. Whether the amount received is capital receipt or revenue receipt?
What should be the accounting entry to record this transaction?
Thanks
Remember interest receievd on income tax refund is taxable as income from othe resources.
Querist : Anonymous
https://www.caclubindia.com/articles/taxation-entries-15351.asp#.VORQ2OaUdic
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