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)
Accounting for Income tax refund
Page no : 2
Chandra Sekhar Reddy Kolagatla
(2 Points)
Replied 22 July 2022
IT Refund is not an Income but Interest on IT refund is Income.
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