Journal entry - tds

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Querist : Anonymous

Querist : Anonymous (Querist)

20 August 2012 If company has TDS receivable of Rs. 100,000/- and income tax return is filed and refund is claimed of Rs. 20,000/- after using credit of Rs. 100,000.00 of TDS receivable. What would be journal entry in the books of accounts

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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20 August 2012 No entry will be passed till the time you get the refund. TDS receivale will be shown under current assets.

Querist : Anonymous

Querist : Anonymous (Querist)

20 August 2012 If refund is received then what will be entry

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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20 August 2012 Bank A/c Dr.
Provision for income tax A.Y(..) Dr
Short provision of income tax Dr
To TDS receivable A/c
TO Excess provision of income tax
To Interest on income tax refund

Note:- short or exces depends on the the differnce if any.

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