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?
Menu
Interest levied under Income Tax
Replies (1)
Dear Rajiv,
The Interest Received on Refund is to be shown as Other Income.
Recent Topics :
- Gross total income
- Export Compliance
- Sale of plots in open land
- Income tax query
- Best CA Inter coaching in laxmi nagar
- HOW TO SELL SHARES OF PRIVATE LIMITED COMPANY SOME
- Unregistered Association of Persons (AOP) Agreemen
- Intimation u/s 245 of income tax act
- Ewaybill query
- IDS Refund: GSTR-2B Invoice Not Validated in State
Related Topics :
CAclubindia
