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Income tax refund

This query is : Resolved 
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(Querist)
23 February 2009 What is the accounting for income tax refund amount ?
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CA. Aryendra

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CA. Aryendra (Expert)
23 February 2009 Provision for Income Tax DR.
To Income Tax

(Being Provision for income tax credited to income tax account as per ITR)

Income Tax DR
Income Tax Refund A/c DR.
To Advance Tax
To TDS Received

(Being Advance Tax & TDS for the year transferred in Income Tax Account & Excess Amount in Income Tax Refund A/c)

Entry on receipt of refund

Bank A/d Dr
To Income Tax Refund
To Interest Redeived

(Being Refund received with interest)
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