Income tax refund
This query is : Resolved
05 September 2009
What is the treatment of income tax refund in case of different assessee like company, NGO, trust, etc. In case of proprietorship firm or partnership firm we transfer it to capital account. In case of company if we transfer it to P & L appropriation account, can we distribute dividend out of it?
06 September 2009
When you have paid the advance tax or self assessemet tax if you have kept under advances under balance sheet then you have to credit the same to that account excluding interest and the interest will be credited to profit and loss account.
If at the time of payment if you have debited to profit and loss account hten you can credit to profit and loss appropriation account and from that you can distribture dividend out of it.
If at the time of payment if you have debited to profit and loss account hten you can credit to profit and loss appropriation account and from that you can distribture dividend out of it.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Eway bill for machinery reparing
- Under construction property in ITR
- Gift of mutual fund units to daughter
- Not able to file ITR
- Reporting of STCG on Property in ITR
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
