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Tds & income tax sett off and excess refund entry

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 November 2013 My tds is deducted of Rs. 35500/- and income tax payable is Rs. 7500/- and excess amount Rs. 28000/- refundable


how to do journal entry in case of proprietorship firm ??


thanks in advance
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kamlesh

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kamlesh (Expert)
19 November 2013 Dr Income Tax Payable 7500/-
Dr Income Tax Refundable 28000/-
Cr Tds Receivable 35500/-

Dr Proprietor A/c 7500/-
Cr Income Tax Payable 7500/-

when u get refund

Dr Bank A/c 28000/-
Cr. Income Tax refundable 28000/-
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