Income tax refund
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 June 2014
Dear sir
how to do income tax refund entry in books of a/c
how to do income tax refund entry in books of a/c
07 June 2014
Dr.BankA/c
Cr.income tax refundable
Cr.Interest on tax refund
.
.
generally provision for tax will be adjusted with TDS receivable
.
if provision for tax is less than tds receivable there will be debit balance(net) here
.
.
this should be adjusted with BAnk account recognising interest income seperately
Cr.income tax refundable
Cr.Interest on tax refund
.
.
generally provision for tax will be adjusted with TDS receivable
.
if provision for tax is less than tds receivable there will be debit balance(net) here
.
.
this should be adjusted with BAnk account recognising interest income seperately
07 June 2014
after passing above entries for ind prop business transfer the bal of income tax refund & int on same to capital account.
int income is taxable as income from other sources,
int income is taxable as income from other sources,
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