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Anuj9351
is income tax refund(principal+interest) allowed in credit side of profit and loss a/c under “profit and gains of business or profession head”
Replies (3)
Principal part is not credited to profit and loss, only interest part should come in PL.
But in icai study material's question both interest and principal is disallowed in credit side of profit and loss a/c and interest is taxable in IFOS
Income Tax Refund will be shown in capital account
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