Income tax refund
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2010
Our company received income tax refund of for FY 06-07 on 20th February 2010.TDS account of FY 06-07 has balance of 25,000/-,Provsion of TAx for that year is Rs.6,000/-.actual refund for the same should have been 19000/-.But we received Rs. 20,000/-.In computation of income TDs accounted is 27000 and provision in computation is 5000.
Kindly let me know what will be accounting entries for same.
Kindly let me know what will be accounting entries for same.
CMA Ramesh Krishnan
(Expert)
24 September 2010
Balance need to be shown as Interest
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