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| *Ostroff, Fair and Company>>>India Taxes |
How to accomodate last year's unreceived tax refund in this year's returns filing for India? |
How to accomodate last year's unreceived tax refund in this year's returns filing for India? The only way a tax refund of aprevious year is considered in your current years return is when you have received the refund along with interest. The interest portion alone is to be taken into consideration in your current return. Again only when it is received. If not received the tax refund of a previous year which has not been received has no bearing on the current years returns. There is no such thing as accommodation of last years refunds in this years Return because return is not a Balance Sheet but the total of all income computed under the I T Act. Hence , in your balance sheet for this year, show the Refund as receivable under Asset, but nothing to be done in the Return. |
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