sir / madam
how to make entry income tax refund and comes under which head, pls explain
Credit to Capital, if it is a Proprietor................ ..............
4 Replies
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 24 March 2023
If you have shown the TDS in capital account, then you have to make a receipt entry as Dr. Bank A/c Cr. Capital A/c (for tax refund) and Cr. Interest on Refund (for interest on such refund). I have learnt ERP like SAP and tally and both show it in current accounts. So it's difficult to say. But refund has the same principle for any type of company.
sabyasachi mukherjee
(27579 Points)
Replied 26 March 2023
Let's explain
income tax liability created . income tax liability cr.
payment of income tax liability . income tax liability dr.
bank credit.
income tax liability created . income tax liability cr.
payment of income tax liability . income tax liability dr.
bank credit.
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