29 September 2019
A.Y:2017-18:INCOME TAX ASSESSED:200000 TDS CLAIMED :300000 REFUND :100000 IN THE BOOKS NOT INCOME TAX ACCOUNT OR PROVISIONS FOR THE SAME AND SHOWN IN THE BALANCE SHEET TDS AMOUNT OF Rs.300000/- A.Y:18-19: TDS AMOUNT IN ASSETS OF BALANCE SHEET:300000(LAST YEAR) 250000(CURRENT YEAR NO INCOME TAX ACCOUNT OR PROVISION FOR INCOME TAX IN THIS YEAR ALSO A.Y:2019-20:REFUND RELATING TO A.Y:2017-18 HAS BEEN RECEIVED OF RS.110000(10000 INTEREST ON REFUND OF INCOME TAX) IN BALANCE TDS:A.Y:2017-18:0=300000-200000=100000(TRANSFERED TO PROFIT AND LOSS ACCOUNT) A.Y:2018-19:250000 A.Y:2019-20:400000 AND INTEREST ON REFUND OF INCOME TAX RS.10000 HAS BEEN CREDITED TO P&LA/C IS THE ACCOUNTING TREATMENT DONE IN A.Y:19-20 RELATING TO REFUND OF A.Y:2017-18 IS CORRECT?
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