Income tax refund

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sneha (Querist)
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19 June 2014 how to account for income tax refund when tds is 80000 provision for tax is 55000 and refund recd is 15000?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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19 June 2014 check the reason for short in refund. because your tax provision is Rs.55000 and TDS is Rs.80000 then you need to get refund Rs.25000.

Must be your final tax calculation will be different.check and pass the entry

adjust the tax liability with TDS and balance show as refund received

Rupesh Jain

Rupesh Jain (Expert)
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20 June 2014 you can do entery

provision a/c 55000
to advance tax a/c 55000

and pls check diff due to refund will be rs. 25000

bank a/c 15000
to advance tax 15000

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