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income tax

This query is : Resolved 
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(Querist)
04 June 2010 how we will treat in accounts the income tax refund and what will be the journal entry
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CA Shiv

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CA Shiv (Expert)
04 June 2010 Bank
To refund on IT

Refund to IT
To p&L ac
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kantijain

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kantijain (Expert)
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
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
04 June 2010 it should be treated as income and not capital receipt
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