Accounting treatment of tax refund
This query is : Resolved
Rahul Jain
(Querist)
30 December 2022
Generally the I-tax refund becomes payable after the completion of the financial year. But if TDS which have been deducted in the previous year and credited in the current year To which period does the income belong and how to pass the accounting enteries if the income(due to i-tax refund) belong to previous year.
CA R SEETHARAMAN
(Expert)
30 December 2022
Pass accounting entry against current year tax.
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