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tax refund......correct me if i am wrong

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 January 2011 I did the following entry. (tax refund)

Receipt

To interest (indirect income)
To advance income tax (current asset)
By bank.

1.does interest (tax refund interest ) come under indirect income or shall i enter under current asset

2. shall i create a new income tax refund a/c or is it right as above in advance tax a/c

3. does the entry come under receipt

thanks.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
11 January 2011 correct receipt entry.

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