07 January 2016
Tax refundable is showing in the books of accounts 95000/- Tax refundable is showing in the Income Tax return 97000/- (after adjusting brought forward loss)
If assessment is done and received 97000/- ,what would be entries in the books of accounts ?
07 January 2016
Sir/Madam, Will you explain how tax refundables in the books is calculated ? . However, If the excess received is not termed as interest by the department, you can credit the same to capital account.
CAclubindia
