Refund from irctc

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.

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.