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Income Tax Refund

This query is : Resolved 
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(Querist)
18 April 2011 what will be the treatment of income tax refund in the books.
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
18 April 2011 provision for taxation.........dr
Income tax refund.............dr
to , adv tax/tds


Bank a/c ............dr
to, income tax refund


If there is any interest on it refund then it will be treated as other income.
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CMA. Subhash Kumar Jha

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CMA. Subhash Kumar Jha (Expert)
18 April 2011 IT refund should be against a claim..... so just set off the claim by the refund.

on receipt of Refund :

Bank Dr.
To IT Refund claim Cr.
To Interest recd Cr.(Intt recd on refund)
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