Refund
This query is : Resolved
21 July 2011
if company received IT refund for the year 07-08 in the year 2010-11 through ecs how to show the entry of IT Refund in the books of accounts . please guide me.
21 July 2011
For 07-08 , you must have these items standing in your books of accounts :
Either : Income Tax Refund Claim
OR : 1. Advance Tax 07-08
2. Provision for tax 07-08
3. TDS recoverable 07-08
Either : Income Tax Refund Claim
OR : 1. Advance Tax 07-08
2. Provision for tax 07-08
3. TDS recoverable 07-08
21 July 2011
In case 1 :
Bank A/c Dr.
To Income Tax refund Claim Cr.
To Interest Received Cr.
(Excess of amount recd over refund claim)
Case 2 :
Bank A/c Dr.
Provision for Tax 07-08 Dr.
To Advance Tax 07-08 Cr.
To TDS Recoverable 07-08 Cr.
To Interest Received Cr.
(Excess of amount recd over refund claim)
Bank A/c Dr.
To Income Tax refund Claim Cr.
To Interest Received Cr.
(Excess of amount recd over refund claim)
Case 2 :
Bank A/c Dr.
Provision for Tax 07-08 Dr.
To Advance Tax 07-08 Cr.
To TDS Recoverable 07-08 Cr.
To Interest Received Cr.
(Excess of amount recd over refund claim)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Credit profit and loss account in case of bonus share received
- How to determine cost of acquisition of shares on De-merger or Merger
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
