Income tax refund entry in proprietary firm
This query is : Resolved
02 October 2013
respected Sir,,
how I make entry when our TDS receivable is 100 and after assessment we get 105 out of this 95 as a refund and 10 as interest on incometax.
and in other case
100 as refund and 5 as interest on incometax.
Dintakurthi Tirumala
(Expert)
02 October 2013
For interest amount give credit to the profit and loss account as interest on IT refund and for the TDS amount give credit to the capital account(in case if you disclosed in your balance sheet separately for TDS receivable then give credit to such TDS receivable account).
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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