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Income tax refund

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124 Points Posted on 30 March 2019
under which head income tax refund comes? what will be entry once received through bank?
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On 30 March 2019 at 14:31 Report
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"Do the Right Thing...!!!"
128147 Points Posted on 30 March 2019
You can reverse the Refund amount to Where You booked the TDS** amount.

or

You can book it in proprietor's capital account...
463 Reply
On 30 March 2019 at 15:01
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Practicing Chartered Accountant
2481 Points Posted on 30 March 2019
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
17 Reply
On 30 March 2019 at 15:24
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"Do the Right Thing...!!!"
128147 Points Posted on 30 March 2019
Provision...?? for Refund..?!!
463 Reply
On 30 March 2019 at 15:36
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teaching
2046 Points Posted on 31 March 2019
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.
7 Reply
On 31 March 2019 at 14:42
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Executive
201 Points Posted on 01 April 2019

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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On 01 April 2019 at 10:55


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