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Income tax refund
under which head income tax refund comes? what will be entry once received through bank?
Replies (5)
You can reverse the Refund amount to Where You booked the TDS** amount.
or
You can book it in proprietor's capital account...
or
You can book it in proprietor's capital account...
if provision is made for refund, adjust the refund amount against the provision and interest on refund shall be booked as indirect income.
If no provision is made, then route it through P&L account
If no provision is made, then route it through P&L account
Provision...?? for Refund..?!!
on self assessment of income tax, if excess amount paid is over actual tax liability, then excess amount can be consider as refund of income tax.
if entry recorded on self assessment tax, then refund account will arise. this is as part of short term loans and advances.
if entry recorded on self assessment tax, then refund account will arise. this is as part of short term loans and advances.
You can receive a tax refund on your personal tax return, but you do not need to record it in your books. C corporations are the only entities that pay income tax directly to the government
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