Income tax refund
This query is : Resolved
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!!!
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.
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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