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Income tax refund

354 views 2 replies

Sandeep Shirke

Accounts Executive

118 Points Posted on 04 November 2015

Dear All, Can you advise where to put Income tax refund amount of A.Y.2013-14 & A.Y.2014-15 if it comes in A.Y.2016-17. Kindly note that it is Proprietary firm. Many thanks for your valuable. answers.

Replies (2)

Riddhi Pandya

CA Final

55 Points Posted on 04 November 2015

Dear sandeep, Income tax refund is not any income which is to be required to be shown in return. If any interest is received on it then only interest part is considered as income from other sources.

Ruchi

CA

1410 Points Posted on 08 November 2015

Credit the entire amount received to the capital account.

And yes dont forget to show the interest received on such refund in your IT return as Income from other sources.

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