The entry for the refund of IT paid shall be-
Bank A/c- Dr xxxx
To Interest on IT refund A/c xxxx
To TDS and Advance Tax A/c xxxx
(Being refund received)
The entry for the refund of IT paid shall be-
Bank A/c- Dr xxxx
To Interest on IT refund A/c xxxx
To TDS and Advance Tax A/c xxxx
(Being refund received)
IT Refund is not an Income but Interest on IT refund is Income.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
