where to post excise duty refund in tally? under which head - indirect income or some other grupings?plz advise.
4 Replies
Ankit
(CA, CS)
(3064 Points)
Replied 25 August 2013
Yes Ayesha,
you can take it as indirect income in tally
ayesha
(mcom)
(1185 Points)
Replied 25 August 2013
but how can excise duty refund be income when we have got back what we paid excise duty on purchase of car.should not this refund be deducted from that car's purchase value. but as refund is through cheque we need to record it in tally. so confusing?
Ankit
(CA, CS)
(3064 Points)
Replied 25 August 2013
Ayesha,
when the duty was paid, the same was taken as an expense. and when the refund is received, it is taken as an income
incase of an asset, yes, it will have to be deducted from the value of the asset.
Prashant Kini
(Article Assistant)
(154 Points)
Replied 13 September 2013
agree that it is to be deducted from value of car. but how come u got the refund of excise duty on car???
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