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what is the journal entry for tax refund?
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jouna entry should be passed in books only when the create
of provision for taxation for the accounting year not for
refund received from income tax department. for the above
we have to pass a receipt entry i.e
Journal entry :
provision for taxation a/c. (Current liability)
To Advance income tax
To TDS Receivable
balance of excess paid
bank a/c. dr
to provision for taxation
| Is This Answer Correct ? | 52 Yes | 16 No |
Answer / satyaki_raju@yahoo.com
Bank a/c dr
To Income tax a/c
(Being tax refund recd)
| Is This Answer Correct ? | 43 Yes | 12 No |
Answer / s kavitha
bank a/c dr
capital account cr
if it is a proprietorship.
| Is This Answer Correct ? | 65 Yes | 36 No |
Answer / avijit hazra
for it refund
1)pass due entry
I.T REFUND -----DR.
ADVANCE TAX ----CR
2)PASS RECIVED ENTRY
BANK A/C-----DR.
I.T.REFUND---CR.
| Is This Answer Correct ? | 30 Yes | 5 No |
Answer / suman shaw
SUPPOSE ADVANCE TAX 100000/- ; AND PROVISION 99000/-
SO, BAL. IS REFUNDABLE. (I.E.- Rs.1000/-)
1ST JV. PROV. FOR I.TAX A/C ------ DR. 99000
(CUR. LIAB.)(bal. 00)
TO ADVANCE INCOME TAX A/C 99000
(UND- CUR. ASST.)(bal. 1000 DR.)
2ND JV. INCOME TAX REFUND A/C ---- DR 1000
(UND- CUR. ASST.)
TO ADVANCE INCOME TAX A/C 1000
(UND- CUR. ASST.)
| Is This Answer Correct ? | 22 Yes | 1 No |
Answer / nair
Bank A/c ...
To Income Tax refund
To Interest on Tax
| Is This Answer Correct ? | 17 Yes | 13 No |
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