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refunds from income tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 March 2010 In private ltd. co. refunds for rs. 55000 was received. Under what head should the refunds from income tax received be booked. Is it income from other sources. Kindly guide.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
26 March 2010 The company must have shown the amount as income tax refund due under the head loans & advances. So it should reduce its balance.

If no such thing is there then it will be a below the line item and show it under short / excess provision for tax

If interest is also received then it should be shown in interest income.
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
26 March 2010 agree with expert
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
26 March 2010 agree with Mr.Aditya
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
26 March 2010 Thank you all for your agreement

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