Income tax refund
This query is : Resolved
13 June 2015
Income tax refund received during the year for earlier year and for same no a/cs are open in earlier year i.e no provision or receivable a/c open for that earlier year, then what treatment should follow in books of a/cs as per companies act and also as per IT Act?
13 June 2015
For companies act book it under current year stating refund relating to previous year. Interest receipts book it under other income of current year it will take care of tax payable on it.
13 June 2015
Sir,
Please tell accounting entry for the same.
Please tell accounting entry for the same.
13 June 2015
Bank ac Dr
To Provision for tax Cr
To other income Cr
To Provision for tax Cr
To other income Cr
13 June 2015
Thank you very much sir!!
but sir client wrongly not open provison for taxation a/c for that particular year..
So, can we treat it as income for current year and credit to p&l a/c?
but sir client wrongly not open provison for taxation a/c for that particular year..
So, can we treat it as income for current year and credit to p&l a/c?
13 June 2015
Treat it as current year......
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