Tax refund
This query is : Resolved
18 April 2012
Hi... can u please tell me that Income tax refund comes under which group in tally ???
18 April 2012
Current Assets - Advances with Govt Authority
18 April 2012
are you sure??? cause i just want to settle bank account... what would be the entry if the refund has been transferred to SB accounts...
18 April 2012
BANK-DR
TO REFUND OF INCOME TAX
TO Interest on Refund of TAX
TO REFUND OF INCOME TAX
TO Interest on Refund of TAX
18 April 2012
I believe it has to be grouped in Advance taxes (if available).
18 April 2012
Rachna,
First of all, you will have to see whether there is advance tax apprearing for that assessment year in the balance sheet side, If it is there, then you will have to reduce your advance tax.
If you have already written off earlier then it will be income for you.
First of all, you will have to see whether there is advance tax apprearing for that assessment year in the balance sheet side, If it is there, then you will have to reduce your advance tax.
If you have already written off earlier then it will be income for you.
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25 April 2012
Dear all experts... I am still stuck with the same query .. please tell me simple and suitable solution to pass an entry in tally for tax refund.I want to know the under which group should I create a ledger of income tax refund... I have seen same query already posted in CCI but the answer was different according to the solution the entry should be...
bank/cash a/c dr
to x's capital a/c
now I'm confused why to credit the capital a/c when the refunded amount has been deposited into my SB a/c ... please please tell me the proper solution. thanks !
bank/cash a/c dr
to x's capital a/c
now I'm confused why to credit the capital a/c when the refunded amount has been deposited into my SB a/c ... please please tell me the proper solution. thanks !
25 April 2012
in the case of individual tax refund is a capital asset of the assesse. so need to credit to capital account.
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25 April 2012
ohkk , so I should create ledger income tax refund under current assets??
25 April 2012
sure, in the case of refund there is some part will be interest on refund which will be treated income and shall be taxable.
25 April 2012
hmmm..but there is only written ... NECS CR ITRO-REFUND BANKER
27 April 2012
Rachana,
Plz get the refund order, you will get the amount of interest mentioned therein.
Plz get the refund order, you will get the amount of interest mentioned therein.
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