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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Regarding appeal to GSTAT
- LC charges in relation to Asset purchased should be Capitalised ?
- Copyright software
- Value of property in capital gain
- Transporter Declaration form
- Multiple trade mark
- Regarding TDS Applicability For Director Remuneration
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Taxation on Swing Trading Income (No Other Income)
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
