Tax implications on reimbursed interest by bank

Yasaswi Gomes new (Finance ) (4492 Points)

25 November 2023  

Hi

Are corporate taxes are paid in 1 year arrears?

If so some last year interest is reimbursed by bank back to company.

Interest has tax allowance. When its returned what will happen to the allowance cause you have already claimed it. Can we restate last year statement or make adjustment this year??

Txs