what is the journal entry for tax refund?




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what is the journal entry for tax refund?..

Answer / sushil

bank ac dr to income tax refund a/c

Is This Answer Correct ?    298 Yes 35 No

what is the journal entry for tax refund?..

Answer / jyotikanta bal

Bank A/C Dr
To Tax Refund A/C

Is This Answer Correct ?    115 Yes 26 No

what is the journal entry for tax refund?..

Answer / 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

Is This Answer Correct ?    49 Yes 15 No




what is the journal entry for tax refund?..

Answer / satyaki_raju@yahoo.com

Bank a/c dr
To Income tax a/c
(Being tax refund recd)

Is This Answer Correct ?    42 Yes 11 No

what is the journal entry for tax refund?..

Answer / s kavitha

bank a/c dr
capital account cr
if it is a proprietorship.

Is This Answer Correct ?    64 Yes 35 No

what is the journal entry for tax refund?..

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 ?    29 Yes 4 No

what is the journal entry for tax refund?..

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 ?    20 Yes 1 No

what is the journal entry for tax refund?..

Answer / nair

Bank A/c ...
To Income Tax refund
To Interest on Tax

Is This Answer Correct ?    16 Yes 12 No

what is the journal entry for tax refund?..

Answer / jitendra

bank a/c dr.
to income tax refund

Is This Answer Correct ?    6 Yes 3 No

what is the journal entry for tax refund?..

Answer / ashsih

Income tax refund A/c Dr.
To TDS / Advance Tax

Is This Answer Correct ?    6 Yes 4 No

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