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.
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)
CAclubindia
