Sales Tax Refund

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..... Greeting to all, We received sales tax refund from state government paid in 3 years back.(actually it paid for machinery purchase) I want to know hw to accounting for above. Any Income Tax rule .....

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..... s to be noted for this? Kindly guide me. Regards M.RamKumar - Reply By MARIAPPAN GOVINDARAJAN - The Reply = In my opinion you might have booked the sales tax paid as expenditure and when .....

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..... it gets refunded it would be treated as income. - Reply By Ganeshan Kalyani - The Reply = When sales tax was paid you would have accounted as - 1) Vat paid a/c (P&L) Dr.to Bank a/c 2) to transfer th .....

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..... is amount to Current asset - other taxes recoverable a/c Dr. To Vat paid a/c. 3) when you have received the refund - Bank a/c Dr. To other taxes recoverable a/c. Like you may drawdraw your conclusion .....

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..... how to account the refund. - Sales Tax Refund - Query Started By: - Mathurthi RamKumar Dated:- 23-5-2015 Accounting - Auditing - Got 2 Replies - Companies Law - Discussion Forum - Knowledge Sharing, .....

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..... reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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