Income tax refund

When the I-T Refund was being claimed during the eyar of filling the return, then in that Year all the prepaid Taxes shall be netted-off against the Provision for TAxation and excess tax paid if any shall be shown under Current Assets as Income-Tax Refund Receivable(For F.Y.).

Now when you receive the refund then the following entry will be passed:

Bank A/C  Dr   xxx

To- I-T Refund Receivable                          xxx

To- Interest on I-T Refund                          xxx

Interst of Refund shall be under indirect Income & sahll be taxable.

As per REvised Schedule VI, from F.Y. 2011-12 & onwards I-T Refund shall be shown under Other Current Assets and shall be shown as 'Income-Tax Refund Receivable(F.Y.)

Thanks Giridhar. thank you very much.

what if CY is 2015-16 and income tax refund received of the year of 2013-14.

How to make entries for adjusted amount 

How do i account IT refund adjusted amount in tally. Need to pass the entries and close the ledger account.