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
Quick Summary
IT Refund is not an Income but Interest on IT refund is Income.
Recent Topics :
- GSTR 9 LATE FEE
- Best Online Mock Test Series for CA Inter January
- COST OF IMPROVEMENT
- Pillows and Mattresses
- GST Applicability for Reg. / Un-Reg. Indian custom
- Amended GST Act & Rules
- FAST DS 2026 MAIL QUERY
- Does Anyone need CA Foundation books of May2026 at
- Last day for ITR-U for AY 2023-2024 (FY 2022-2023)
- Sale of shares in indian company by a non resident
Related Topics :
CAclubindia
