what is the journal entry for tax refund?
Answers were Sorted based on User's Feedback
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 |
What is Trade Recovery Estimate and how can we calculate it?
what are the golden principle of accounting?
10 Answers Bank Of America, Capital IQ, Genpact, Jenpac,
Difference between a pay-order and draft?
What if FICR?
What is the difference between journal ledger and journal proper?
Expand _________AAA
what is crisil?what is the advantage of crisil rating?
What is account? What is finance? What do you mean by finance and accounts?
What is BMP in IMS?
what is pre settlements and post settlements in Derivatives?
What is Waybill? from where we will get waybill? what is the procedure of waybill? if we want to transfer a stock from Hyderabad branch to gurgaon branch with in same company what all procedure we have to follow?
13 Answers ABC, Professional Care,
could you please suggest an institute for classes in accountancy near punjagutta?