It refund entry entry

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36 Points Joined May 2018
how to account income tax refund received when there is no receivable in opening shown.we cant take it as income as it's not income.Ehat entry can be passed.
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On 05 January 2022 at 21:11 Report
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2 Points Joined September 2021
Bank A/c dr.
to income tax refund
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On 06 January 2022 at 00:08
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Practising CA
8944 Points Joined December 2013
Income tax refund ( create under capital account )
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On 06 January 2022 at 00:52
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28122 Points Joined May 2017
Previously there is a receivable which had been booked being the surplus of tax.
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On 06 January 2022 at 09:42
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Practising CA
8944 Points Joined December 2013

Earlier such taxes would have been debited to capital account. Now you will have to credit to capital account. 

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On 06 January 2022 at 10:22
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Chartered Accountant
5010 Points Joined March 2020

Bank A/c Dr. 

   To Capital Account. 

Adjust with capital because you have earlier given the effect in your P/L A/c which is adjusted with capital

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On 06 January 2022 at 11:57


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