Journal entry - tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 August 2012
If company has TDS receivable of Rs. 100,000/- and income tax return is filed and refund is claimed of Rs. 20,000/- after using credit of Rs. 100,000.00 of TDS receivable. What would be journal entry in the books of accounts
20 August 2012
No entry will be passed till the time you get the refund. TDS receivale will be shown under current assets.
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 August 2012
If refund is received then what will be entry
20 August 2012
Bank A/c Dr.
Provision for income tax A.Y(..) Dr
Short provision of income tax Dr
To TDS receivable A/c
TO Excess provision of income tax
To Interest on income tax refund
Note:- short or exces depends on the the differnce if any.
Provision for income tax A.Y(..) Dr
Short provision of income tax Dr
To TDS receivable A/c
TO Excess provision of income tax
To Interest on income tax refund
Note:- short or exces depends on the the differnce if any.
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