Tax refund

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Rachana

Rachana (Querist)
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18 April 2012 Hi... can u please tell me that Income tax refund comes under which group in tally ???

CA Navin Jain

CA Navin Jain (Expert)
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18 April 2012 Current Assets - Advances with Govt Authority

Rachana

Rachana (Querist)
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18 April 2012 are you sure??? cause i just want to settle bank account... what would be the entry if the refund has been transferred to SB accounts...

CA Navin Jain

CA Navin Jain (Expert)
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18 April 2012 BANK-DR
TO REFUND OF INCOME TAX
TO Interest on Refund of TAX

Rachana

Rachana (Querist)
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18 April 2012 hmmmm...thanx will see how it works !

CA Kishore Tallam

CA Kishore Tallam (Expert)
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18 April 2012 I believe it has to be grouped in Advance taxes (if available).

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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18 April 2012 Rachna,

First of all, you will have to see whether there is advance tax apprearing for that assessment year in the balance sheet side, If it is there, then you will have to reduce your advance tax.
If you have already written off earlier then it will be income for you.

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Rachana

Rachana (Querist)
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25 April 2012 Dear all experts... I am still stuck with the same query .. please tell me simple and suitable solution to pass an entry in tally for tax refund.I want to know the under which group should I create a ledger of income tax refund... I have seen same query already posted in CCI but the answer was different according to the solution the entry should be...
bank/cash a/c dr
to x's capital a/c
now I'm confused why to credit the capital a/c when the refunded amount has been deposited into my SB a/c ... please please tell me the proper solution. thanks !

CA Navin Jain

CA Navin Jain (Expert)
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25 April 2012 in the case of individual tax refund is a capital asset of the assesse. so need to credit to capital account.

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Rachana

Rachana (Querist)
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25 April 2012 ohkk , so I should create ledger income tax refund under current assets??

CA Navin Jain

CA Navin Jain (Expert)
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25 April 2012 sure, in the case of refund there is some part will be interest on refund which will be treated income and shall be taxable.

Rachana

Rachana (Querist)
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25 April 2012 hmmm..but there is only written ... NECS CR ITRO-REFUND BANKER

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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27 April 2012 Rachana,

Plz get the refund order, you will get the amount of interest mentioned therein.

Rachana

Rachana (Querist)
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27 April 2012 Thanx my query is solved :)

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