What is income tax refund treatment...?
This query is : Resolved
27 December 2013
Sir pls tell me the income tax refund entry and how I give treat this amount in my book
27 December 2013
depends on how you made the entry at the time of paying the tax.
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27 December 2013
Suppose I paid Adv. Tax Rs.1000000
& TDS is Rs.500000. My final Tax Liability is Rs.1100000 then What about Rs.400000 ??????
& TDS is Rs.500000. My final Tax Liability is Rs.1100000 then What about Rs.400000 ??????
27 December 2013
that will reflect as an asset on your books.
27 December 2013
Cr.advance tax paid 10lakhs
Cr.TDS receivable 5lakhs
Dr.provision for tax 11 lakhs
Dr.income tax refund receivable 4lakhs
.
.
when ever refund received from department
.
.
pass bank receipt
.
.
Dr.Cash A/c 4lakhs+interest
Cr.income tax refund receivable 4lakhs
Cr.interest incomeA/c interest(indirect income)
Cr.TDS receivable 5lakhs
Dr.provision for tax 11 lakhs
Dr.income tax refund receivable 4lakhs
.
.
when ever refund received from department
.
.
pass bank receipt
.
.
Dr.Cash A/c 4lakhs+interest
Cr.income tax refund receivable 4lakhs
Cr.interest incomeA/c interest(indirect income)
Message likes :
1 times
27 December 2013
Thank u Sir.
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