income tax refund
This query is : Resolved
01 September 2016
what is the treatment of refund of income tax of a private Ltd co. in tally
01 September 2016
Dear Yasir,
Refund of income tax will be adjusted against tds receivable and interest part will be booked as indirect income.
Hope your query is resolved
Kindly like if my response has helped you
01 September 2016
debit Bank
credit income tax receivable
(The difference,if any, in income tax receivable account be adjusted to appropriation account)
credit income tax receivable
(The difference,if any, in income tax receivable account be adjusted to appropriation account)
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