Pls tell me about Accounting Treatment of Excess IT refund received against IT Refund Receivable from earlier years......
means in which account I could Credit the Excess Income Tax Refund..................................
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Accounting treatment of excess it refund received
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The excess amt over the amout actual receivable is the interest earned on the IT Refund against the it refund receivable. The Interest on IT Rrefund should be credited to P&L account & theis interest is taxable. The accounting entry shud be as follows:
Bank Account Dr
To- Interest on IT Redund
To- IT Redund Receivable
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