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.
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