Ostroff, Fair and Company
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Can it treat income tax refund as income?


can it treat income tax refund as income? is it included in income tax computation as income?

No, it is not an income, you are simply getting back money which was paid as advance tax. In other words you can say you had paid an amount as loan, after correct calculation of tax, the remaining amount is returned back to you, hence it is not an income but return of advance money.
1st of all its realy a good question
ok

u have to return the entry
cash debit
tax credit
and desciption u have to mention that being tax is refun back.
its is not treated as other income.
according to me , if its not correct kindly mail me correct one .
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