TDS refund
This query is : Resolved
27 April 2011
Kindly tell me TDS refund entry received from Income tax department for f.y. 2009-2010.
27 April 2011
If you have shown the TDS in earlier year as assets then you need to credit the refund against the same assets. Interest will be credit to P&L. So entry will
Bank A/c Dr
To advance Tax (Ay XX-XX)
To Interest Income.
Bank A/c Dr
To advance Tax (Ay XX-XX)
To Interest Income.
Message likes :
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27 April 2011
I couldn't understand this entry. The TDS category is TDS deducted on Commission. So i just Simply do below entry in tally
Bank A/c Dr.
To TDS(09-10)
Is this right entry
Bank A/c Dr.
To TDS(09-10)
Is this right entry
27 April 2011
Yeah you are right. However you also need to consider the interest income on refund amount.
27 April 2011
may i know what is interest Income
27 April 2011
Whenever Income tax refund is granted by IT department, they also give interest on it. To ascertain the interest amount you need to refer the Intimation U/s 143(1) or the assessment order received with the refund cheque.
27 April 2011
Thank u so much Naveen for giving me such valuable Information. Good Day :)
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