Refund

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This query is : Resolved

Gurvinder Singh (Querist)

24 November 2014 Kind Attn : Dear Sir/Mam

Pls clarify:

The refund from Income tax should be credited to which account.
Pls adv the Main Head and the Sub Head.

What entry needs to be passed while making provision for refund at the end of the given F.Y.

Thanks and regards
Gurvinder Singh

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

24 November 2014 it will be creidted to capital account in case of enterprises other then firm and companies.

for firms in profit and loss a/c and for co adjusted against provision for tax a/c

Amol S Joglekar

Amol S Joglekar (Expert)

24 November 2014 Which form of organisation you are referring?
If it is proprietory : just credit it to Capital account.
In case of Firm or Company : a suitable TDS receivable account must be appearing in the books, credit it to that respective years account

Rupesh Jain

Rupesh Jain (Expert)

25 November 2014 if you have tds receivable in the balance sheet then you can credit the tds receivable a/c of related year.

other wise you can credit the proprietor or partner capital a/cs

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