Journal entry of I.Tax refund
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 March 2011
Dear Sir's
Please tell me the Journal entry of Income tax
1) when Advnce tax depoisted
2) When Provision Made
3) When Assessment completed and refund received
4)when thers is any demand raised by IT Dept.
Please tell me the Journal entry of Income tax
1) when Advnce tax depoisted
2) When Provision Made
3) When Assessment completed and refund received
4)when thers is any demand raised by IT Dept.
03 March 2011
1. cash payment entry
adv tax dr
to bank
2. income tax a/c dr
to prov for tax
3. prov for tax dr
to cash
&
cash a/c dr
to misc income
4. either show as contingent liability
and if the demand is more probable make the provision !(complied with As29)
adv tax dr
to bank
2. income tax a/c dr
to prov for tax
3. prov for tax dr
to cash
&
cash a/c dr
to misc income
4. either show as contingent liability
and if the demand is more probable make the provision !(complied with As29)
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