Income Tax Refund

A/c entries 7420 views 1 replies

Received Income tax refund for f.y. 2009-2010

please suggest which head entries to be accounted of:

interest of income tax refund ??????

income tax refund after interest ???????

If party had not made or create provisions for f.y. 2009-2010 ??????

Effect of status like properiotorship / firm / companies ?????

Pl..thanks in advance...

Replies (1)

If provision for tax not made, entry for refund would be

Bank a/c dr. 

      To Income Tax refund a/c (group this ledger under p&L a/c other incomes)

(being refund of income tax paid...)

If provision made in previous year, even then there would not be any change in entry, as in the year of ,making provision entry would have been,

Income Tax a/c dr (expense) (charge to p&l)

             To Advance Tax paid a/c (if any paid)

             To bank/cash a/c (balance self assmt tax)

So in case of refund entry would be same as mentioned above

 

Bank a/c dr. 

      To Income Tax refund a/c (group this ledger under p&L a/c other incomes)


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 14 March 2026
Article Trainee

N N V Satish&co

Hyderabad

CA Inter

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 12 March 2026
Customer Relationship Executive

TAXLET

Calicut

B.Com

View Details
Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details