TDS refund

This query is : Resolved 

27 April 2011 Kindly tell me TDS refund entry received from Income tax department for f.y. 2009-2010.

27 April 2011 If you have shown the TDS in earlier year as assets then you need to credit the refund against the same assets. Interest will be credit to P&L. So entry will
Bank A/c Dr
To advance Tax (Ay XX-XX)
To Interest Income.

27 April 2011 I couldn't understand this entry. The TDS category is TDS deducted on Commission. So i just Simply do below entry in tally

Bank A/c Dr.
To TDS(09-10)

Is this right entry


27 April 2011 Yeah you are right. However you also need to consider the interest income on refund amount.

27 April 2011 may i know what is interest Income

27 April 2011 Whenever Income tax refund is granted by IT department, they also give interest on it. To ascertain the interest amount you need to refer the Intimation U/s 143(1) or the assessment order received with the refund cheque.

27 April 2011 Thank u so much Naveen for giving me such valuable Information. Good Day :)



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