journal entry
This query is : Resolved
javed shaikh
(Querist)
07 August 2010
1.WHAT WILL BE JOURNAL ENTRY IN BALANCE SHEET FOR THE REFUND CLAIM WHICH HAS BEEN NOT RECD AND SHOWN IN IT RETURN.
2.WHAT WILL BE JOURNAL ENTRY FOR S.A. TAX PAID FOR 2009-10 IT RETURN FOR THE 2010-11 IT RETURN
1.WHAT WILL BE JOURNAL ENTRY IN BALANCE SHEET FOR THE REFUND CLAIM WHICH HAS BEEN NOT RECD AND SHOWN IN IT RETURN.
2.WHAT WILL BE JOURNAL ENTRY FOR S.A. TAX PAID FOR 2009-10 IT RETURN FOR THE 2010-11 IT RETURN
07 August 2010
you want entries in case of company or individual?
Aditya Maheshwari
(Expert)
07 August 2010
1. Debit provision to Advance tax & TDS a/c. balance in that account will be shown as income tax refund due.
2. Debit it to provision a/c.
2. Debit it to provision a/c.
Message likes :
1 times
07 August 2010
In Individual---
1) Capital A/c Dr...(Actual Tax Liability)
IT Refund (AY 10-11) A/c Dr...
To Advance Tax A/c
To TDS Receivable A/c
To Self Assessment Tax A/c
2)Self Assessment tax A/c Dr.....
To Bank A.c.
1) Capital A/c Dr...(Actual Tax Liability)
IT Refund (AY 10-11) A/c Dr...
To Advance Tax A/c
To TDS Receivable A/c
To Self Assessment Tax A/c
2)Self Assessment tax A/c Dr.....
To Bank A.c.
Message likes :
1 times
07 August 2010
In Company---
1) No entry is passed to show refund effect automatically takes place as Tax paid (Assests) is more than Provision (Liability) So excess tax paid is Refund (assets).
2) Self Assessment tax A/c Dr....
To Bank.....
Final adjustment entry is passed on receipt of assessment order.
1) No entry is passed to show refund effect automatically takes place as Tax paid (Assests) is more than Provision (Liability) So excess tax paid is Refund (assets).
2) Self Assessment tax A/c Dr....
To Bank.....
Final adjustment entry is passed on receipt of assessment order.
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