SREEDAR (Sr.Manager Accounts) (64 Points)
15 June 2011Hi all,
Could anyone answer my question. I have received the refund for f.y. 2009-10 from Income tax department. what entry to be passed. My companies tax payable is nil at the time of return filed. Only tds received from the customer accounted which is refundable. I have received in excess of IT return filed of 30k. what is my final entry to be passed in books of accounts. I have not received any order along with refund cheque.
Regards,
Sreedar.S
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 15 June 2011
bank ac - -- -- - - - - - - - -dr.
to interest of it refund
to general reserve
this should be entry because no provision was made
if tds is still stands in the books i.e. tds is not yet transferred to general reserve than
bank ac -- - - - - dr.
to tds recoverable
to interest on it refund
SREEDAR
(Sr.Manager Accounts)
(64 Points)
Replied 15 June 2011
hi future ca and wadhera,
thanks for your reply, as you said, the tds recoverable was clubbed in tally for the whole year. It was not splitted off. and also how to find out interest and percentage being calculated. kindly explain.
rakeshkuma
(B.COM CA FINAL)
(43 Points)
Replied 15 June 2011
The excess amount received from IT dept is a liability, should be repay to the dept, whenever it asked. so the excess received shoud be shown as a item undre the head of current liabilities.
if the excess is not refundable, the same should be treat as income and should be disclosed as a extrodinery item as per AS-5
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 15 June 2011
amt. in excess of your claim could be treated as interest
Bharat M Durgiya
(Belive in Best)
(86 Points)
Replied 21 December 2011
In Tally under which group IT refund shall be taken?....
1) In case of individual
2) In Case of Company..
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
