Tds refund
This query is : Resolved
23 July 2014
Can i consider Income Tax Refund as a Income or else, let me know the treatment
23 July 2014
no its not taxable but u need to show it in capital account but any int rec is taxable as income from other sources
23 July 2014
Income tax refund is not your income. Only interest received on refund is your income. Interest on IT Refund to be taken into income from other sources and refund amount to be credit to capital account in case of individual.
23 July 2014
in case company, what is the treatment & entry,
can i Debit Provision for Income Tax to Profit & Loss .
can i Debit Provision for Income Tax to Profit & Loss .
23 July 2014
in case of co u need to adjust against the provision of income tax created in the year.
23 July 2014
My new query is that Can i debit Provision for Income tax to P&L A/c .
Thanks for Reply
Thanks for Reply
Nikhil Kaushik
(Expert)
24 July 2014
yes you can debit the provision.
24 July 2014
But Provision for Income Tax is a not a expenditure, & at the same time profit also decrease.
24 July 2014
but u had created a provision which now u need to adjust and tax is never an exp but a charge on profit.................
Nikhil Kaushik
(Expert)
24 July 2014
Dear Gangadhar,
you are confusing between accounting treatment and tax treatment. the provision created in the books is the accounting treatment
you are confusing between accounting treatment and tax treatment. the provision created in the books is the accounting treatment
24 July 2014
okay, while filing income tax return which income is to be consider,
Whether before provision for Tax r after
Whether before provision for Tax r after
Nikhil Kaushik
(Expert)
24 July 2014
before provision for taxation.
Nikhil Kaushik
(Expert)
24 July 2014
before provision for taxation.
Nikhil Kaushik
(Expert)
24 July 2014
you are welcome friend....
Nikhil Kaushik
(Expert)
24 July 2014
you are welcome friend....
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