Menu
It refund entry entry
how to account income tax refund received when there is no receivable in opening shown.we cant take it as income as it's not income.Ehat entry can be passed.
Replies (5)
Bank A/c dr.
to income tax refund
to income tax refund
Income tax refund ( create under capital account )
Previously there is a receivable which had been booked being the surplus of tax.
Earlier such taxes would have been debited to capital account. Now you will have to credit to capital account.
Bank A/c Dr.
To Capital Account.
Adjust with capital because you have earlier given the effect in your P/L A/c which is adjusted with capital
Recent Threads
- A Restaurant registered under the Composition Sche
- GST RATE OF OUT DOOR CATERING
- Non resident taxation & income tax in India
- GST Rate for oral Hygiene Combo Pack
- GST registration - Address error
- TDS on property pu
- Import of goods IMS action related
- Incometax Survey - Updated Return Filing after the
- TCS under 206C(1F)
- Effect on Cost of Control when Bonus Issue is from
Related Threads
CAclubindia
