CA Day celebration 2024 Easy Office
LCI Learning

income tax

This query is : Resolved 
Profile Image

Profile Image

(Querist)
04 June 2010 how we will treat in accounts the income tax refund and what will be the journal entry
Profile Image

CA Shiv

Profile Image

CA Shiv (Expert)
04 June 2010 Bank
To refund on IT

Refund to IT
To p&L ac
Profile Image

kantijain

Profile Image

kantijain (Expert)
04 June 2010 Dear sagar,

I agree with the first part of journal entry provided by shivang, but normally IT refund due is shown as current asset in ur balance sheet till received, so on the receipt of the same it has to be reversed/nullifed.

Bank
To refund on IT received

Refund to IT received
To IT Refund due
Upgrade to CAclubindia Pro. Subscribe Now!

Profile Image

CA Devanshi Gandhi (Ajani)

Profile Image

CA Devanshi Gandhi (Ajani) (Expert)
04 June 2010 it should be treated as income and not capital receipt

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CA Day celebration 2024 with Tally CCI Pro

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links