Income tax Refund Accounting Entry
This query is : Resolved
Monil Shah
(Querist)
23 April 2009
After the completion of assessmnet the advance tax and TDS are to be adjusted against the provison created for that Assessment year.But what is the accounting entry if
1.Their is Self assessment tax is payable as per assessemnt order.
2.Their is Refund as per assessemnt order.
Please also confirm Where to show the income tax refundable whether under Indirect Income or to reduce the provision for the current year by that amount. Please confirm and suggest.
1.Their is Self assessment tax is payable as per assessemnt order.
2.Their is Refund as per assessemnt order.
Please also confirm Where to show the income tax refundable whether under Indirect Income or to reduce the provision for the current year by that amount. Please confirm and suggest.
Shyam Lal Naik
(Expert)
23 April 2009
Refund or tax payable arising out of assessment has to be adjusted through Profit & Loss Adjustmant Account.
Dhirajlal Rambhia
(Expert)
22 July 2023
"Sorry, I am not a featured member."
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GSTR9 Annual Return
- Ito add credit side of bank
- Employee secondment
- Form 144 TDS Return Validation error
- GST ITC as per notification 12/2023- central tax
- Rent agreement of House of deceased person
- Applicability of tax on invoice
- Capital gain on commercial property and investment in residential property
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Rectification under processing even after 6 months cpc portal
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
