Income tax refund
This query is : Resolved
19 June 2014
how to account for income tax refund when tds is 80000 provision for tax is 55000 and refund recd is 15000?
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
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
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
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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