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Income & expendature

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(Querist)
23 June 2013 tax refund came which side income & expendature and what is tax refund assest &
laibilities

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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
23 June 2013 Income tax refund is not income or expenses. it is receivable against the current assets
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
23 June 2013 Continuing Ramesh Ji,if interest element is embedded in the refund, then interest part has to be recognized as revenue in the I & E a/c or P & l a/c.
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