Refund
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 May 2016
Dear Sir,
Suppose an assessee who has reeceived income tax refund of Rs. 10000/- and Rs. 1000/- interest thereon for the fy 2014-2015 and the refund is received in fy 2015-16. Now preparing his capital a/c for the fy 2015-16, only interest amount should be added
or
refund + interest both amount should be added ?
Please clarify.
Thanks.
Suppose an assessee who has reeceived income tax refund of Rs. 10000/- and Rs. 1000/- interest thereon for the fy 2014-2015 and the refund is received in fy 2015-16. Now preparing his capital a/c for the fy 2015-16, only interest amount should be added
or
refund + interest both amount should be added ?
Please clarify.
Thanks.
24 May 2016
Depends on the accounting method u have adopted. If refund receivable account is present then only interest gets added to the capital account otherwise the complete amount gets added to capital account
25 May 2016
Only refund due originally will be taken to capital account and interest thereon gets added in total income therefore interest on refund will be added back to capital in the form of income which is credited to capital account.
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