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Sadrefund unclaimed

gautam (accountant) (60 Points)

17 September 2014

in the financial year 2012-2013 we had shown sad refund recievable under loans ,advances&deposits for an amt of 283776. of this 283776 we could submit documents for claiming rs 105000 (still did not get refund from the department) and the bal amt due to improper documents we did not submit for claim . now for finalcial year 2013-2014 where will these amounts shown in the balance sheetand how will it effect profit and loss acccount.

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Yuvraj singh bhatia (CA Final) (50 Points)
Replied 17 September 2014

MR gautam,

you will only show Rs.105000 as recoverable from custom authorities, and the balance will lapse if 1 yr has elapsed from the date of import(as shown in Bill of Entry).

Hence show Rs.105000 as recoverable under current assets, and balance amount should be written off as irrecoverable, as chances of its recovery are slim (for more deatils, you can refer custom act 1962 and its rules).

But it will be better if you refer to a consultant for a professional advice. if needed i can give you contact details of a consultant (based in Delhi/NCR)