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Ledger posting

gaddala ramesh (163 Points)

23 March 2023

sir / madam

how to make entry income tax refund and comes under which head, pls explain

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4 Replies

NARENDRA (ACCOUNTS MANAGER) (1486 Points)
Replied 23 March 2023

Credit to Capital, if it is a Proprietor................ ..............

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gaddala ramesh (163 Points)
Replied 23 March 2023

It is firm

Yasaswi Gomes new (Finance ) (4469 Points)
Replied 24 March 2023

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.