What is an entry for INCOME TAX REFUND ?

Answer Posted / yash r p

If provision entry made at the year end

Provision for Income Tax... Dr
Income Tax Refund.... Dr
Advance Tax... Cr
TDS.. Cr
Int. on Income Tax refund...

Receipt Entry
Bank A/c... Dr
Income Tax Refund

before passinf entry refere the assessment order

Is This Answer Correct ?    3 Yes 0 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

For what Purpose we should pay Profession Tax? After paying Profession Tax we can get benefit for personnel return filling? If Yes? than where?

4385


when charges PURCHASE @ 12 % TAX RATE ?

1432


if company is registered in West Bangal and goods are purchased from Maharashtra for export, and export will be done from Maharastra, then who can issue the H form?

1417


How much is the VAT in UAE

924


Hi, I need the clarification in Tax Rate in Karnataka for Frozen foods like Paratha, Briyani, Pasta's Please share the information for me

1676






Our firm is 7 years old. We don't have PT registration for partners as well as employee. If we do it now, will it be a problem or how much penalty will come. Any one can give suggestion.

1469


Hellow this is ravindra wanted to know about excise duty rates pls suggest

1469


We have a constructed a goverment approved textile park in year 2007. will we have to pay Service Tax on that Construction Service?

1439


i wanna p.y tax assistant exam question paper Please send this as earlier as.

1629


wct amount deducted by main company .that amount will be returned Subcontractor?If yes,how process is given me.

1124


What is the value of the Budget for 2009-10

1533


What is cenvat credit?

1832


if any civil contractor provide service to education institute, then there is an exemption for service tax liability, and he should be quoted it on its invoice, can u provide me sample invoice formats

1718


Sir, in CEntral excise we need to pay some amt with interest ex.13815 amt for 66 days how to calcualte this?

1785


as we are having are unit in a area where excise duty is not applicable and on my purchase i am paying excise duty can i take refund of the duty paid by me and what was is procedure? plz. replay to my on my id ngaggarwal@yahoo.com

1532