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Querist : Anonymous

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Querist : Anonymous (Querist)
22 February 2013 TDS on various incomes in AY 2011-2012 was Rs.20110
Against this there was a tax liability of rs.635.
However in AY 11-12 the entry for provision of tax was not passed.As a result the TDS refund for AY 2011-12 continued to stand at Rs.20110

The auditor realised this in AY13-14.

The refund received from bank in Oct 2012 was 20450.
Can the tax provision be recorded now?If yes than how? As an expense?
Would the entry be
Tax (AY 2011-12)Dr 635 {Tax is grouped under expenses}
Bank Dr 20450
To TDS (AY 2011-2012) 20110
To interest on IT Refund 975
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
22 February 2013 Transfer the excess TDS o/s to short / excess provision for tax.

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