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)
Menu
Accounting for Income tax refund
Replies (16)
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.
Recent Threads
- "off market credit transactions" mention
- Section 5A - Portuguese Civil code applicability
- Tax Audit Applicable or not?
- Understanding Why the CA Foundation Pass Percentag
- ITR3 - Switch from Old to New Regime
- Best Online Coaching for CA Intermediate Complete
- FCRA 6A Address Change request
- Can you share how you practically used the list fo
- Parag Sir’s 50+ CA Inter Costing Questions &
- Capital gains builder property
Related Threads
CAclubindia
