Income tax refund

Tax queries 862 views 4 replies

plz suggest wat will be the appropriate enrty for the balance income tax refund including the intrest.....

Replies (4)

Supppose IT Refund is Rs.165000 in which Income Tax is Rs.150000 & Interest is Rs.15000 then the entry will be

Bank A/c Dr                                                           165000

                To TDS / IT Refund(Loans & ADvances)    A/c                        150000

                To Interest on IT Refund (Indirect Income ) A/c                    15000

It is to be noted that when the income tax which was earlier paid as Self assessment tax or as Advance Tax or it was TDS the entry should have been made as under  Loans & Advances :

TDS/SA Tax/ Advance Tax A/c  Dr.                         150000

                To Cash / Bank / Deductor A/c                                                   150000.

Agree with above...

i am also agree with above

Thanks Mr.kalpesh.....it is a great help

 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register