Income Tax Refund
This query is : Resolved
18 April 2011
what will be the treatment of income tax refund in the books.
18 April 2011
provision for taxation.........dr
Income tax refund.............dr
to , adv tax/tds
Bank a/c ............dr
to, income tax refund
If there is any interest on it refund then it will be treated as other income.
Income tax refund.............dr
to , adv tax/tds
Bank a/c ............dr
to, income tax refund
If there is any interest on it refund then it will be treated as other income.
Message likes :
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18 April 2011
IT refund should be against a claim..... so just set off the claim by the refund.
on receipt of Refund :
Bank Dr.
To IT Refund claim Cr.
To Interest recd Cr.(Intt recd on refund)
on receipt of Refund :
Bank Dr.
To IT Refund claim Cr.
To Interest recd Cr.(Intt recd on refund)
Message likes :
1 times
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