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Anuj9351

Others 112 views 3 replies

Anuj Sharma

115 Points Posted on 15 July 2022

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)

CA Dhruva Kalamanji

Chartered Accountant

1996 Points Posted on 15 July 2022

Principal part is not credited to profit and loss, only interest part should come in PL.

Anuj Sharma

115 Points Posted on 15 July 2022

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

CA Rashmi Gandhi

Chartered Accountant

86505 Points Posted on 16 July 2022

Income Tax Refund will be shown in capital account

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