Refund from income-tax

This query is : Resolved

sankaranarayanan R (Querist)
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27 July 2015 Already we paid advance tax payment to IT.
Once the return filed and we came to know there is no tax to be payable to government.We receive the entire money as refund.

How to account the same? whether we need to show the entry as booked in Other Income / need to be adjust with Income-tax ledger account.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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27 July 2015 if in your books of accounts your IT payment is not your liability and if you had put IT Payment as Asset. after receiving that amount you have to revert that entry by crediting that advance payment

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