income tax refund receive in perticular year...is it income in so an so year???
or we can adjust to tds account?
if yes than what about balance amount left in tds account? ?( tds-54000 & refund - 46000)
what to do in this case....
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income tax refund
Replies (3)
Do you have a provision for income tax in your books of accounts amounting to Rs.8,000?
If yes, then when income tax refund is received, you have to pass the following entry:
Provision for income Tax A/c Dr. 8,000
Bank A/c Dr. (Refund amount) 46,000
To TDS A/c 54,000
To Advance Tax paid A/c 0
no not provision of income tax
if client had done trading in share market? so have i to maintain that entry in books of account ? or else... directly have i to show those transaction in ITR ? if yes than under which head have i to show the share trading income ? have i to bifurcate less one year transaction or more than one year transaction for short term capital gain?
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