income tax refund

14 September 2017

income tax refund under which Head?

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5 Replies

Ashiwini Ballodia (Managing Partner at TAXounting) (8727 Points)
Replied 14 September 2017

Income tax refund should be adjusted with TDS Receivable & Interest on IT refund should the treated as indirect income

Sahil Kansal (27 Points)
Replied 14 September 2017

to fir kisi bi head mai nahi jayega?

Mubarak R momin (CMA) (145 Points)
Replied 14 September 2017

income tax refund is not an income to person it is the realisation of asset so it will not be shown under any head in ITR

Ashiwini Ballodia (Managing Partner at TAXounting) (8727 Points)
Replied 15 September 2017

Koi bhi head me nahi jayega

Ashiwini Ballodia (Managing Partner at TAXounting) (8727 Points)
Replied 15 September 2017

If you has written off earlier TDS Receivable than transfer the TDS refund to capital account/income tax adjustment account

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