What entry has to be passed in the books of accounts related to Income Tax Refund?. In case if the Refund has received less than what we have booked than in that case what adjustment entry has to be passed. Eg. if the Provision has been made in the Year A.Y.2015-16 and Refund received in the Year 2017-18, what entry has to be passed for the same.
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Provision for income tax refund and receipt of the same
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Adjust it in profit and loss account as "short /excess provision of Income Tax of earlier year".
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