Poonawalla fincorp
Poonawalla fincorp

Advance tax

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17 August 2012 Can the Advance tax of A.Y 2010-11 be written off against IT refund of A.Y 2010-11??? if yes, how the difference can be dealt with??
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CA CS Amit S. Kedia

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CA CS Amit S. Kedia (Expert)
17 August 2012 The following entry will be passed at the time of refund-

Bank A/c Dr
Provision for Income tax A.Y 10-11
To Advance tax A.Y 10-11
To Interest on Refund
(being Income tax refund for the A.Y 2010-11)

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