Income tax Refund
This query is : Resolved
28 December 2007
How to do accounting treatment for following Income tax refund?
case
TDS=48000/-
Provision for income tax=44000/-
Income tax refund=2000/-
Actual income tax=46000/-
then
at the time of Refund what should be the Journal entry?
Mahesh Chandorkar(CA Inter)
case
TDS=48000/-
Provision for income tax=44000/-
Income tax refund=2000/-
Actual income tax=46000/-
then
at the time of Refund what should be the Journal entry?
Mahesh Chandorkar(CA Inter)
28 December 2007
Dr. provision for IT 44000
Dr. Income Tax 2000
Dr. Bank account 2000
Cr. TDS Receivable 48000
Dr. Income Tax 2000
Dr. Bank account 2000
Cr. TDS Receivable 48000
28 December 2007
Thanx
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