Incom tax refund entyr
This query is : Resolved
07 June 2014
Dear all ,
my concern has received a income tax refund of rs. 3000 (For Assessment year - 2013-14), so, what should be the accounting treatment / journal entries for this ?
my concern has received a income tax refund of rs. 3000 (For Assessment year - 2013-14), so, what should be the accounting treatment / journal entries for this ?
07 June 2014
Bank a/c ...dr 3,000
to Income tax refund a/c 3,000
this is assumes it is non corporate entity and sole prop.
to Income tax refund a/c 3,000
this is assumes it is non corporate entity and sole prop.
07 June 2014
If this a corporate entity , then ?
& under which group the income tax refund a/c will be open ?
& under which group the income tax refund a/c will be open ?
07 June 2014
if corporate then it will be aadjusted against prov for tax which was created earlier.
income tax income will be indirect income
income tax income will be indirect income
07 June 2014
Dr.BankA/c
Cr.income tax refundable
Cr.Interest on tax refund
.
.
generally provision for tax will be adjusted with TDS receivable
.
if provision for tax is less than tds receivable and advancetax(if any) there will be debit balance(net) here
.
.
this should be adjusted with BAnk account recognising interest income seperately as indirect income
Cr.income tax refundable
Cr.Interest on tax refund
.
.
generally provision for tax will be adjusted with TDS receivable
.
if provision for tax is less than tds receivable and advancetax(if any) there will be debit balance(net) here
.
.
this should be adjusted with BAnk account recognising interest income seperately as indirect income
07 June 2014
income tax refund may not every time be tds recievable for corporates.
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