Refund of Tax
This query is : Resolved
28 September 2016
Dear Experts,
I would be grateful if you suggest me that following entry is correct or not.
Bank A/c 3,24,000
To Profit and Loss A/c - 3,12,000
To other Income 12,000
Company has paid advance Tax for 2015 and there was Tds amounts deducted by customers . Company is in loss in the year 2015 , so apply for refund . We received 3,24000/- as a refund in the year 2016. Provision is not made for income Tax on the year 2015. So my question is that above given is entry is right or wrong?
A early reply would be greatly appreciated.
Amol S Joglekar
(Expert)
28 September 2016
it is not correct to credit income tax refund to profit and loss account.....
And please try to understand one simple thing.....when yu are boasting that you have NOT made the income tax provision entry in 2015....it is ok...... But what entry did you make for this TDS of 324,000???????
Are you getting my point.....?????
When TDS was done by some of your suppliers.....what entry did you pass for this 324,000?
Please explain.....
And please try to understand one simple thing.....when yu are boasting that you have NOT made the income tax provision entry in 2015....it is ok...... But what entry did you make for this TDS of 324,000???????
Are you getting my point.....?????
When TDS was done by some of your suppliers.....what entry did you pass for this 324,000?
Please explain.....
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