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Income tax refund

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This query is : Resolved

Jaya (Querist)
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24 September 2015 Dear Experts, I want to file the return of partnership firm. So my is that the Income tax refund is received during fy 2014-15 of previous years ie 2012-13 also there are some tds receivables entries , during the fy 2014-15 i also paid some advance tax. so my question is that the income tax refund which is received , can we adjusted with tds receivables or not ??? kindly note that i also want to make a provision for the advance tax... so pls provide the journal entries regarding this situation!!!

CA SATBIR SINGH SAINI

CA SATBIR SINGH SAINI (Expert)
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03 November 2015 first clear TDS in f.y. 2013-14 or in next
Refund A/c Dr
tAX A/C Dr.
to TDS
(Being tds for 2012-13 is adjusted against tax)

When refund received

Bank A/c Dr
To Refund A/c

Advance Tax A/c Dr.
To Bank A/c

Always make separate ledge for separate FINANCIAL YEAR.

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