Tds refund
This query is : Resolved
23 July 2014
Can i consider Income Tax Refund as a Income or else, let me know the treatment
23 July 2014
no its not taxable but u need to show it in capital account but any int rec is taxable as income from other sources
23 July 2014
Income tax refund is not your income. Only interest received on refund is your income. Interest on IT Refund to be taken into income from other sources and refund amount to be credit to capital account in case of individual.
23 July 2014
in case company, what is the treatment & entry,
can i Debit Provision for Income Tax to Profit & Loss .
can i Debit Provision for Income Tax to Profit & Loss .
23 July 2014
in case of co u need to adjust against the provision of income tax created in the year.
23 July 2014
My new query is that Can i debit Provision for Income tax to P&L A/c .
Thanks for Reply
Thanks for Reply
Nikhil Kaushik
(Expert)
24 July 2014
yes you can debit the provision.
24 July 2014
But Provision for Income Tax is a not a expenditure, & at the same time profit also decrease.
24 July 2014
but u had created a provision which now u need to adjust and tax is never an exp but a charge on profit.................
Nikhil Kaushik
(Expert)
24 July 2014
Dear Gangadhar,
you are confusing between accounting treatment and tax treatment. the provision created in the books is the accounting treatment
you are confusing between accounting treatment and tax treatment. the provision created in the books is the accounting treatment
24 July 2014
okay, while filing income tax return which income is to be consider,
Whether before provision for Tax r after
Whether before provision for Tax r after
Nikhil Kaushik
(Expert)
24 July 2014
before provision for taxation.
Nikhil Kaushik
(Expert)
24 July 2014
before provision for taxation.
Nikhil Kaushik
(Expert)
24 July 2014
you are welcome friend....
Nikhil Kaushik
(Expert)
24 July 2014
you are welcome friend....
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- TDS on Dashcam rent and allied services
- Import Order Cancelled.
- GSTR-9C filing
- Working on Gold wastage during Melting of old gold jewellery
- Form 144 TDS Return Validation Error – Mandatory Fields
- Applicability of tax on invoice
- Intimation under section 245
- GST ITC as per notification 12/2023- central tax
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
