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Treatment of income tax refund in accounts books

This query is : Resolved 
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(Querist)
03 January 2015 Sir,

Please tell me how we should treat income tax refund for previous year received in current financial year.

Regards

Rupinder
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Amol S Joglekar

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Amol S Joglekar (Expert)
03 January 2015 In Company form provision is made out of appropriations....the same should be knocked off and the balnce (Favourable or Unfavourable remaining after knocking off) The TDS receivable is also taken into account for knocking off.

I proprietorship the same can be routed through Capital Account.
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Rupesh Jain

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Rupesh Jain (Expert)
03 January 2015 you have to credit the a./c in which tds receivable related to year, stand.,
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Amol S Joglekar

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Amol S Joglekar (Expert)
03 January 2015 But take a care that the same is done YEARWISE. Knocking the entries is the crux.
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