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Urgent revised schedule vi query
Replies (10)
CASE 1
if it has been received during the year=> it would be shown in the head "other incomes" i.e PL-2 just after Revenue from operations
CASE 2
If it is receivable during the year=> it would be under
Short term loan & advances
(Advances recoverable in kind for the value to be received)
1)Receivable from revenue authorities
I go with wat apporva has said....
I go with wat apporva has said....
| Originally posted by : Bharat M Durgiya | ||
 |
UNDER WHICH HEAD INCOME TAX REFUND TO BE TAKEN IN REVISED SCHEDULE VI ? |
 |
For few of the taxes so deposited,
the company may not have chance of refund because
of its legal position of winning in the appeals.
Further, even if the company has chances of winning, the
timings of outcome of appeals may not be known to
the company.
In some cases, the company may have
expectation that the appeals will be decided within
operating cycle or 12 months from the reporting date
and within this period due refunds will be received by
the company.
therefore it depends on the situatiuon may be current or non current
It should not be taken under Other Incomes,
Interest on Income tax refund is taken under Other Incomes.
It should be taken in Non-Current Assets as " Deferred Tax Assets ( Net).
| Originally posted by : Alok Srivastava | ||
|
|
It should be taken in Non-Current Assets as " Deferred Tax Assets ( Net). |
|
How it can be Deferred Tax Assets... It will either long term loan term or short term loans and advances.
@ sonam
then where will u keep the refund amount???
in new format p/l a/c
income is to be classified under only 2 heads
either:-
1) revenue from operations
or
2) other income
nd i dont think itz gonna be in revenue from operations in any case
in any case of dobut plz go through the Guidnce note issued by ICAI on rev schdule VI it vividly deals with the same
agree with Mr DS Chauhan
it cant be treated in "DTA' in any case
Current year advance tax (net of provision) as well as past year’s advance tax (net of provision) shall generally be classified as non-current as these are not likely to arise in the short term. Advance tax against which refund orders have been passed, and if not adjusted towards other liabilities, will only be treated as a current asset.
If incase there is a receipt of refund of Income Tax along with the interest during the year, the interest component shall be grouped under Other Income (Non Operating) and the balance shall be adjusted against the Receivable shown in earlier reporting period.
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