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INCOME TAX REFUND ENTRY - PVT LTD COMPANY

This query is : Resolved 
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(Querist)
09 November 2019 Dear Expert,
My company has made a tax provision for A.Y. 2015-16 of Rs.73,60,000/- and TDS credit for the year was Rs.86,22,562/-. The TDS credit was under the name of TDS Ass Year 2015-16 in the balance sheet. Now, the assessment was completed in the year A.Y. 2019-20 and refund of Rs.18,19,050/- was determined including interest and paid to us.
We are in appeal with ITAT for some expenses dis-allowance.

My query is the entry to be passed for this refund. Please guide us.

Thanking in advance.
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RAJA P M

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RAJA P M (Expert)
09 November 2019 Reverse into TDS account and interest will be under PandL account as income...
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A.S.SUNDARARAJAN

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A.S.SUNDARARAJAN (Expert)
11 November 2019 Provision for tax Debit - Rs.73,60,000
Bank ( for receipt of refund) Debit - Rs. 18,19,050

Tax deducted at source Credit Rs.86,22562
Interest received Credit Rs. 5,56,488
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Vinod Kumar Shukla

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Vinod Kumar Shukla (Querist)
13 November 2019 Thank you RAJA P M for the reply.
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
27 May 2020 Bank A/c Dr.
To Capital A/c or TDS or IT A/c
To Intt on IT refund a/c
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