CLARIFICATION OF ACCOUNTING TREATMENT
This query is : Resolved
29 September 2019
A.Y:2017-18:INCOME TAX ASSESSED:200000
TDS CLAIMED :300000
REFUND :100000
IN THE BOOKS NOT INCOME TAX ACCOUNT OR PROVISIONS FOR THE SAME AND SHOWN IN THE BALANCE SHEET TDS AMOUNT OF Rs.300000/-
A.Y:18-19:
TDS AMOUNT IN ASSETS OF BALANCE SHEET:300000(LAST YEAR)
250000(CURRENT YEAR
NO INCOME TAX ACCOUNT OR PROVISION FOR INCOME TAX IN THIS YEAR ALSO
A.Y:2019-20:REFUND RELATING TO A.Y:2017-18 HAS BEEN RECEIVED OF RS.110000(10000 INTEREST ON REFUND OF INCOME TAX)
IN BALANCE TDS:A.Y:2017-18:0=300000-200000=100000(TRANSFERED TO PROFIT AND LOSS ACCOUNT)
A.Y:2018-19:250000
A.Y:2019-20:400000
AND INTEREST ON REFUND OF INCOME TAX RS.10000 HAS BEEN CREDITED TO P&LA/C
IS THE ACCOUNTING TREATMENT DONE IN A.Y:19-20 RELATING TO REFUND OF A.Y:2017-18 IS CORRECT?
TDS CLAIMED :300000
REFUND :100000
IN THE BOOKS NOT INCOME TAX ACCOUNT OR PROVISIONS FOR THE SAME AND SHOWN IN THE BALANCE SHEET TDS AMOUNT OF Rs.300000/-
A.Y:18-19:
TDS AMOUNT IN ASSETS OF BALANCE SHEET:300000(LAST YEAR)
250000(CURRENT YEAR
NO INCOME TAX ACCOUNT OR PROVISION FOR INCOME TAX IN THIS YEAR ALSO
A.Y:2019-20:REFUND RELATING TO A.Y:2017-18 HAS BEEN RECEIVED OF RS.110000(10000 INTEREST ON REFUND OF INCOME TAX)
IN BALANCE TDS:A.Y:2017-18:0=300000-200000=100000(TRANSFERED TO PROFIT AND LOSS ACCOUNT)
A.Y:2018-19:250000
A.Y:2019-20:400000
AND INTEREST ON REFUND OF INCOME TAX RS.10000 HAS BEEN CREDITED TO P&LA/C
IS THE ACCOUNTING TREATMENT DONE IN A.Y:19-20 RELATING TO REFUND OF A.Y:2017-18 IS CORRECT?
30 September 2019
No, debit 2,00,000 to P & L and credit 2,00,000 to TDS account(Tax adjustment). Credit 1,00,000 refund to TDS account.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Price inclusive or exclusive of GST while made entry in P& L Account
- Minimum tax payable to file Updated return
- Dep. as per companies act
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Tds on commission charges
- Applicability of GST on Salary Reimbursement Component
- UDIN ISSUE
- GST ISSUE OF INPUT AND OUTPUT GST
- FAST-DS Scheme - Foreign Assets
- Salary from Qatar in Dollars in India
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Quick Links
ARTICLESHIP
15 September 2026
Freelance Taxation Content Writer Intern
Interactive Media Pvt Ltd.
New Delhi
CA Inter
View Details
CCI
Pro
CAclubindia
