Tds & income tax sett off and excess refund entry
This query is : Resolved
Querist : Anonymous
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
how to do journal entry in case of proprietorship firm ??
thanks in advance
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/-
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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