12 January 2014
If my TDS Receivable for 2011-12 is Rs 218000/- and tax liability is Rs 5454/-. refund in bank a/c is Rs 217000/-. Then please suggest what will be the accounting entry for that in my books.
12 January 2014
On your refund the interest is allowed so the same is income. Tax receivable is 2,18,000/- less payable 5,454/- balance 2,12,546/- the balance 4,454/- is interest earned by you and is to be shown as income in the year of receipt.
CAclubindia
