Journal entries for income tax refund
This query is : Resolved
21 September 2014
what are the journal entries for income tax refund?
22 September 2014
You should have made journal and payment entries for income tax paid and TDS in the previous year. If you have shown the TDS in capital account, then you have to make a receipt entry as Dr. Bank A/c Cr. Capital A/c (for tax refund) and Cr. Interest on Refund (for interest on such refund). In that interest on refund will be taxed under other sources.
If in case you have made entries for previous years and shown the refund amount due in your balance sheet then entry will be Dr. Bank, Cr. IT Refund and Cr. Interest on IT refund
If in case you have made entries for previous years and shown the refund amount due in your balance sheet then entry will be Dr. Bank, Cr. IT Refund and Cr. Interest on IT refund
24 September 2014
Bank A/c Dr.
To Capital A/c or TDS or IT A/c
To Intt on IT refund a/c
To Capital A/c or TDS or IT A/c
To Intt on IT refund a/c
24 September 2014
Bank A/c Dr.
To Capital A/c or TDS or IT A/c
To Intt on IT refund a/c
To Capital A/c or TDS or IT A/c
To Intt on IT refund a/c
24 September 2014
Bank A/c Dr.
To Capital A/c or TDS or IT A/c
To Intt on IT refund a/c
To Capital A/c or TDS or IT A/c
To Intt on IT refund a/c
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