income tax
This query is : Resolved
04 June 2010
how we will treat in accounts the income tax refund and what will be the journal entry
04 June 2010
Bank
To refund on IT
Refund to IT
To p&L ac
To refund on IT
Refund to IT
To p&L ac
Message likes :
2 times
04 June 2010
Dear sagar,
I agree with the first part of journal entry provided by shivang, but normally IT refund due is shown as current asset in ur balance sheet till received, so on the receipt of the same it has to be reversed/nullifed.
Bank
To refund on IT received
Refund to IT received
To IT Refund due
I agree with the first part of journal entry provided by shivang, but normally IT refund due is shown as current asset in ur balance sheet till received, so on the receipt of the same it has to be reversed/nullifed.
Bank
To refund on IT received
Refund to IT received
To IT Refund due
Message likes :
1 times
04 June 2010
it should be treated as income and not capital receipt
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