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Refund of Tax

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(Querist)
24 September 2009 I had advance standing Rs. 1000000, towards income tax refund, however I received Only Rs. 800000, what should be the treatment of the balance Rs. 200000???
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Ratan Sharma

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Ratan Sharma (Expert)
25 September 2009 Transfer the balance amount to the proprietor/partners capital account.
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Mayank Rungta

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Mayank Rungta (Querist)
25 September 2009 BUT IT A COMPANY I AM TALKIING ABOUT DEAR...... WHAT SHOULD BE THE APPROPRIATE TREATEMENT??????
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Ratan Sharma

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Ratan Sharma (Expert)
25 September 2009 If it is company then transfer it to the general reserve/profit & loss account appearing in the balancesheet.

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