Income Tax Refund

This query is : Resolved

Jatin Kantilal Dhotijotawala (Querist)
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31 December 2010 received payment of income tax refund for the f.y. 2009-2010 under which head accounted?

As Indirect income or capital a/c??
Business status is Partnership Firm????

Urgent please..thanks in advance...

sachin

sachin (Expert)
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31 December 2010 Interest on refund will be accounted as income.

Income Tax amount will be adjusted against provision created.

Jatin Kantilal Dhotijotawala

Jatin Kantilal Dhotijotawala (Querist)
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31 December 2010 Thank you so much for your quick and valued response.....

please clear me that if party had not made tax provision than other than interest income tax refund where accounted???

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