Answer / sushil

bank ac dr to income tax refund a/c

Answer / jyotikanta bal

Bank A/C Dr
To Tax Refund A/C

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

Answer / satyaki_raju@yahoo.com

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

Answer / s kavitha

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

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.

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.)

Answer / nair

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

Answer / jitendra

bank a/c dr.
to income tax refund

Answer / amit bhadana

Bank a/c Dr.
To Tax Refund A/c

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