Income tax adjustment entry

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 August 2014 Hello Sir,
One of client has received an income tax refund for the year FY 2009-10 with interest.
They had made provision for the same year in their books of accounts and also TDS & TCS receivable and Advance Tax for FY 2009-10.

What would be the journal entry for the same for its adjustment???
Please reply as soon as possible.

TKKKKKK

TKKKKKK (Expert)
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01 August 2014 Bank a/c Dr

to Advance tax
to tds/tcs a/c.

Still pls narrate the amount. So it can be cleared

Ganeshbabu K

Ganeshbabu K (Expert)
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01 August 2014 Dr.Provision for income tax
Dr.Refund receivable (Balance fig)
Cr.TDS & TCS
Cr.Advance tax

.
Dr.BankA/c
Cr.Refund receivable
Cr.Interest on Refund
On receipt of refund money

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