Dear Sir,
We have completed audit under 44AB. but income tax refund and interest entry not included it happened due to refund credit to Proprietor,s saving account. while Filed ITR interest on refund Rs.2423/-inculuded in other income.Now we wants transfer income tax refund value from saving account to current account ( refund value 22000+ 2423 interest)so please suggest how much amount,s cheque we release Rs.22000 or 24423/-Interest income we already shown under other income.
3 Replies
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 04 January 2022
Transfer total amount including interest from saving to current account.
prasad Nilugal
( GST Practitioner & Accounts )
(14803 Points)
Replied 04 January 2022
After transfer in the Bank from Saving to current Account , pass Contra entry (F3) in the books
Current Bank Account A/c Dr
To Saving Bank Account A/c Cr
( Wrongly credited to Saving account now transfer )
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