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what is the journal entry for tax refund?
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Answer Posted / k. srinivasa rao
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
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