Refund from irctc

Hi,

I am maintaining my personal account. In current year I have lots of travel tickets done through IRCTC and in Tally I have put it under "Travelling Expenses" under INDIRECT Expenses head in Tally. For some reason I had to cancel the ticket and for that I have created "Refund from IRCTC" and put it under INDIRECT Income head under tally. I would like to know whether the above treatment is correct or not.

If not then please give an example. As I am new in accountancy I wont be able to undestand without example.

Thanks and regards

 

Replies (10)

Route both booking and cancellation through same head of account i.e. "Travelling Expenses".

At the time of booking Exps,

Travelling expenses Dr.   XXX

   To Bank                      XXX

(narration)

At the time of amount recvd on Cancellation

Bank A/c Dr.                     XXX

   To Travelling Expenses. XXX

( give proper reason in narration )

Amount received on cancellation is not a income. So pass above journal entry.

Thanks

Hi Thanks for the reply. In light of above entries, should I treat the following entries in the same way:

1. Refund from Income Tax

2. Received LPG Subsidy (i take refill cylinder and pay by cash)

3. Refund from Thyrocare as booking cancelled Thanks 

Thanks

  1. If payments made are accounted as expense (subsidy & thyrocare refund), then credit the refund/subsidy to the respective expense account (as said by Ashish), so that the closing balance is the net amount.
  2. In case of refund of IT, where it includes interest also, such interest should be recognized separately as interest income under separate head. Tax refund can be credited to the same account which was debited earlier (at the time of payment)

Hello Poornima,

Thanks for the reply.

I found a post regarding LPG Subsdy which I am pasting below:

/forum/lpg-subsisdy-320853.asp

I hope that will help other ppl like me.

Thanks once again for the reply.

travelling refund should be correspondingly credited in expense head only..it wil nullify the booking & cancelltion only cancelltion chgs wil remain as expenses.
it refund should be basically shown under other current asset ie where you have shown income tax provison & advance tax..and interest amount should be routed to income thru it..

Thanks for the help Mayur.

hello

you can get your money back at refund option on irctc website by create irctc account on irctc sign up page and apply for refund.

Refund have its own limitations and conditions, before booking you should see this condition and than book tickets. it may take some time to refund your money you can read this condition after irctc sign in.

Hi,If you cancelled your ticket, normally it takes 24–48 hrs to refund your amount but in worst condition it can take 5 to 8 working days also.You can apply for cancel ticket from IRCTC website after doing irctc sign up if not done.

How to adjust the GST entries for such travelling expenses entries?

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 07 November 2026
Article Assisstant

DPV & Associates

Chennai

CA Inter

View Details
Company
21 October 2026
CA INTER/ BCOM WITH EXPERIENCE

CA S KUMAR GUPTA & CO

Amritsar

CA Inter

View Details
Company
ARTICLESHIP 23 October 2026
CA Articleship / Article Assistant

M N Rao & Associates LLP

Vijayawada

CA Inter

View Details
Company
12 November 2026
Auditor

Oz Taxation

Vijayawada

Graduate (Any)

View Details
Company
ARTICLESHIP 20 October 2026
CA ARTICLE

AMKN & CO

Noida

CA Inter

View Details
Company
10 November 2026
FP&A Executive

Gujarat Guardian

Ankleshwar

CA Final

View Details
Company
Featured 07 November 2026
Paid Assisstant

DPV & Associates

Chennai

CA Inter

View Details
Company
Featured ARTICLESHIP 28 October 2026
CA- Inter and Articles

N N V Satish & Co.,

Hyderabad

CA Inter

View Details