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
Ganeshbabu K
(Expert)
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.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- 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
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
CAclubindia
