INCOME TAX REFUND ENTRY - PVT LTD COMPANY
This query is : Resolved
Vinod Kumar Shukla
(Querist)
09 November 2019
Dear Expert,
My company has made a tax provision for A.Y. 2015-16 of Rs.73,60,000/- and TDS credit for the year was Rs.86,22,562/-. The TDS credit was under the name of TDS Ass Year 2015-16 in the balance sheet. Now, the assessment was completed in the year A.Y. 2019-20 and refund of Rs.18,19,050/- was determined including interest and paid to us.
We are in appeal with ITAT for some expenses dis-allowance.
My query is the entry to be passed for this refund. Please guide us.
Thanking in advance.
My company has made a tax provision for A.Y. 2015-16 of Rs.73,60,000/- and TDS credit for the year was Rs.86,22,562/-. The TDS credit was under the name of TDS Ass Year 2015-16 in the balance sheet. Now, the assessment was completed in the year A.Y. 2019-20 and refund of Rs.18,19,050/- was determined including interest and paid to us.
We are in appeal with ITAT for some expenses dis-allowance.
My query is the entry to be passed for this refund. Please guide us.
Thanking in advance.
09 November 2019
Reverse into TDS account and interest will be under PandL account as income...
11 November 2019
Provision for tax Debit - Rs.73,60,000
Bank ( for receipt of refund) Debit - Rs. 18,19,050
Tax deducted at source Credit Rs.86,22562
Interest received Credit Rs. 5,56,488
Bank ( for receipt of refund) Debit - Rs. 18,19,050
Tax deducted at source Credit Rs.86,22562
Interest received Credit Rs. 5,56,488
Vinod Kumar Shukla
(Querist)
13 November 2019
Thank you RAJA P M for the reply.
27 May 2020
Bank A/c Dr.
To Capital A/c or TDS or IT A/c
To Intt on IT refund a/c
To Capital A/c or TDS or IT A/c
To Intt on IT refund a/c
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