How should interest levied by Income tax Authorities be disclosed in accounts? Whether it should be shown as part of interest or whether the same should be shown as part of taxes i.e current tax? On the same lines how should interest received on refund from Income Tax Authorities be disclosed in the financial statements?
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Interest levied under Income Tax
Replies (1)
Dear Rajiv,
The Interest Received on Refund is to be shown as Other Income.
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