sir / madam
how to make entry income tax refund and comes under which head, pls explain
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Quick Summary
Credit to Capital, if it is a Proprietor................ ..............
It is firm
If you have shown the TDS in capital account, then you have to make a receipt entry as Dr. Bank A/c Cr. Capital A/c (for tax refund) and Cr. Interest on Refund (for interest on such refund). I have learnt ERP like SAP and tally and both show it in current accounts. So it's difficult to say. But refund has the same principle for any type of company.
Let's explain
income tax liability created . income tax liability cr.
payment of income tax liability . income tax liability dr.
bank credit.
income tax liability created . income tax liability cr.
payment of income tax liability . income tax liability dr.
bank credit.
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