Income Tax Expense
This query is : Resolved
16 October 2017
What accounting entries should be passed in P. Y 2017-18 for an individual in case he had got his TDS deducted in P. Y 2016-17 of Rs. 42000 and he paid income tax of Rs. 2000 and received a refund of Rs. 40208 along with interest in P. Y 2017-18
Ashiwini Ballodia
(Expert)
16 October 2017
Entry for TDS Deducted
TDS Receivable DR 42000
To Income 42000
For Advance Tax
Advance Tax DR 2000
To Bank 2000
For Income Tax Refund with Interest (It is assumed 40000 is IT refund & 208 is Interest on IT Refund)
Bank a/c DR 40208
Capital A/c DR 4000
To Interest on IT Refund 208
To TDS Receivable 42000
To Advance Tax 2000
TDS Receivable DR 42000
To Income 42000
For Advance Tax
Advance Tax DR 2000
To Bank 2000
For Income Tax Refund with Interest (It is assumed 40000 is IT refund & 208 is Interest on IT Refund)
Bank a/c DR 40208
Capital A/c DR 4000
To Interest on IT Refund 208
To TDS Receivable 42000
To Advance Tax 2000
Message likes :
1 times
16 October 2017
I did this, kindly guide me whether it's correct? :
1. TDS Receivable Dr 42000
To Debtor 42000
16 October 2017
2. Income Tax Expense Dr 2000
To Provision for Income Tax 2000
3. Bank Account Dr 40208
Provision for Income Tax Dr 2000
To TDS Receivable 42000
To Interest Income 208
Ashiwini Ballodia
(Expert)
16 October 2017
Yes your entry is correct
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- 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
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
