Income tax refund entry in tally

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 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.) Dear sir,i have completed M.sc,MBA.STILL I AM NOT GETTING WELL POSITION .I THINK ON LOW BUGET ON COURSE TO IMPROVE MY POSITION IN FINANCE FIELD. 0 Answers what is derivative? 2 Answers what is C foam and where use 3 Answers 18) Difference between Income & Expenditure and Profit and Loss Account? 4 Answers 1.how can carry forward the balance of ledgers to the next financial year in tally erp 9 0 Answers Have you worked with other on team endeavors 0 Answers What is life ? 7 Answers I am going to attend an interview for the post of Sr. Accounts Officer in airport authority of india,pls help me to prepare for the interview 2 Answers what is shares buy back And Stock plit. 1 Answers what is meant by credit derivative? 1 Answers What is revaluation o...

Related Topics • How to Enter Income Tax Declarations and View Tax… • How to Print Income Tax Form 12BA Using TallyPrime (Payroll) • How to Print Income Tax Form 16 Using TallyPrime (Payroll) • How to Record Income Tax Payments in TallyPrime (Payroll) • How to Print Income Tax Form 24Q Using TallyPrime (Payroll)

Although returns and refunds are disadvantageous for businesses, returns are bound to occur in businesses that sell products. The Reverse Logistics Executive Council conducted a survey involving the reasons for product returns. The 65 consumer electronics companies that completed the survey indicated the primary reasons businesses accept product returns are product defects, advertisement purposes, shipping errors and to balance inventory stock. When a business issues a refund for a product, it must account for this refund on its financial statements. Sales Returns and Allowances "Sales returns and allowances" is an account on the income statement that is referred to as a contra revenue account -- that is, it moves in the opposite direction as revenue. Businesses use this account when customers return merchandise due to a defective product or any other reason. This account reduces the company's net sales. Credit Sales Refunds If a customer purchased a product on credit and returns that product for a refund, the business would have to make specific adjustments to its financial statements. The company would first make a debit entry to sales returns and allowances that equals the exact amount of the purchase. It would credit accounts receivable by the same amount. By debiting sales returns and allowances, the company indicates on its income statement that its revenue is reduced by the amount of the refund. By crediting accounts receivable, the company indicates on its balance ...

 When trading contracts or sales documents are entered in your SAP system, the system calculates purchasing net values, input VAT taxes, accrued VAT tax refunds, and consumption tax refunds for profit margin and non-refundable VAT tax amounts for tax refund. You can then search for sales documents and purchasing documents that are relevant for tax refunds. For these documents, you can generate the tax refund list to trigger the refund. • Using the integration of the Global Trade Services (GTS): The GTS system transfers the tax refund rate into the database. • Without integration of the Global Trade Services: You upload the tax refund rates from a Microsoft Excel file using the Upload Tax Refund Rate ( RP_GTCN_TAX_REFUND_RATE_UPLOAD) report. For more information, see • You create a trading contract in Global Trade Management. Alternatively, you can also create sales orders and/or purchase orders in Sales and Distribution (SD) or Material Management (MM). You create sales orders and/or purchase orders. • After you post the billing document to Financial Accounting (FI), the accrued VAT and consumption tax refund are posted to FI and an FI document is generated according to your scenario settings in Sales and Distribution (SD). If an incoming invoice is posted before the billing document is created, then the accrued VAT refund and consumption tax amount are calculated based on the purchase amount in the incoming invoice. Otherwise, the refund amount is calculated based on the...

When you have raised service invoice to your client, on which your client/customer requires to deduct TDS based on the nature of transaction, such as professional service charges, rent on plant and machinery, contracts and advertisement etc. Customer will pay invoice due amount after deduction of TDS from the receivable amount. Customer is liable to pay deducted TDS amount to the Income Tax department before the due date. Hence for the deducted TDS amount you will receive form 16A from your customer, the same you can claim against provision for Income Tax. Service Invoice Entry XYZ Company Dr 1,18,000 To Technical service charges received 1,00,000 To CGST@9% 9,000 To SGST@9% 9,000 Payment From Customer Bank Dr 1,08,000 TDS Receivable Dr 10,000 To XYZ Company 1,18,000 Create TDS Receivable Ledger in Tally.ERP9 Path: Gateway of Tally -> Accounts info -> Ledgers -> Create Name: TDS Receivable Under: Loans & Advances (Asset) Press enter to save the screen Recording of Sales Invoice in Tally.ERP9 Path: Gateway of Tally -> Accounting Vouchers -> Sales Voucher (F8) Press enter to save the screen Recording of Payment Receipt Entry From Customer Credit XYZ Company and give debit to TDS receivable and Bank account. Press enter to save the screen

PDF As per the accounting practice of journaling, you can record all transactions using Journal Vouchers (JV) in TallyPrime. However, there are specialised accounting Voucher Types for different types of transactions like payments, receipts, sales, purchases, contra, debit notes, credit notes, and so on to ease data entry. Once you know how to enter a transaction in TallyPrime, you can enter any transaction in a similar way. Voucher Types in TallyPrime can be categorised as journals, purchases, sales, payments, receipts, contra, inventory vouchers, order vouchers, and non-accounting vouchers. In this topic, you will understand how to record a transaction in TallyPrime or say, do accounting entry in TallyPrime and learn more about the voucher types provided for accounting in TallyPrime. Apart from the 28 default voucher types for accounting entry in TallyPrime, you can also create your own voucher types under the default voucher types for easy accounting. For example, you can create Cash Sales under Sales voucher type so that you can identify and sequentially number all your cash sales. For faster data entry operation, you can also use voucher class in TallyPrime. Recording transactions for accounting entry in TallyPrime follow a simple pattern. You can record a transaction with the following steps. A transaction for payment of rent (expenses) is used as an example. • Press Alt+ G (Go to) > Create Voucher> press F5 (Payment). Alternatively, Gateway of Tally> Vouchers> press...

When you have raised service invoice to your client, on which your client/customer requires to deduct TDS based on the nature of transaction, such as professional service charges, rent on plant and machinery, contracts and advertisement etc. Customer will pay invoice due amount after deduction of TDS from the receivable amount. Customer is liable to pay deducted TDS amount to the Income Tax department before the due date. Hence for the deducted TDS amount you will receive form 16A from your customer, the same you can claim against provision for Income Tax. Service Invoice Entry XYZ Company Dr 1,18,000 To Technical service charges received 1,00,000 To CGST@9% 9,000 To SGST@9% 9,000 Payment From Customer Bank Dr 1,08,000 TDS Receivable Dr 10,000 To XYZ Company 1,18,000 Create TDS Receivable Ledger in Tally.ERP9 Path: Gateway of Tally -> Accounts info -> Ledgers -> Create Name: TDS Receivable Under: Loans & Advances (Asset) Press enter to save the screen Recording of Sales Invoice in Tally.ERP9 Path: Gateway of Tally -> Accounting Vouchers -> Sales Voucher (F8) Press enter to save the screen Recording of Payment Receipt Entry From Customer Credit XYZ Company and give debit to TDS receivable and Bank account. Press enter to save the screen

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 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.) Dear sir,i have completed M.sc,MBA.STILL I AM NOT GETTING WELL POSITION .I THINK ON LOW BUGET ON COURSE TO IMPROVE MY POSITION IN FINANCE FIELD. 0 Answers what is derivative? 2 Answers what is C foam and where use 3 Answers 18) Difference between Income & Expenditure and Profit and Loss Account? 4 Answers 1.how can carry forward the balance of ledgers to the next financial year in tally erp 9 0 Answers Have you worked with other on team endeavors 0 Answers What is life ? 7 Answers I am going to attend an interview for the post of Sr. Accounts Officer in airport authority of india,pls help me to prepare for the interview 2 Answers what is shares buy back And Stock plit. 1 Answers what is meant by credit derivative? 1 Answers What is revaluation o...

Related Topics • How to Enter Income Tax Declarations and View Tax… • How to Print Income Tax Form 12BA Using TallyPrime (Payroll) • How to Print Income Tax Form 16 Using TallyPrime (Payroll) • How to Record Income Tax Payments in TallyPrime (Payroll) • How to Print Income Tax Form 24Q Using TallyPrime (Payroll)

PDF As per the accounting practice of journaling, you can record all transactions using Journal Vouchers (JV) in TallyPrime. However, there are specialised accounting Voucher Types for different types of transactions like payments, receipts, sales, purchases, contra, debit notes, credit notes, and so on to ease data entry. Once you know how to enter a transaction in TallyPrime, you can enter any transaction in a similar way. Voucher Types in TallyPrime can be categorised as journals, purchases, sales, payments, receipts, contra, inventory vouchers, order vouchers, and non-accounting vouchers. In this topic, you will understand how to record a transaction in TallyPrime or say, do accounting entry in TallyPrime and learn more about the voucher types provided for accounting in TallyPrime. Apart from the 28 default voucher types for accounting entry in TallyPrime, you can also create your own voucher types under the default voucher types for easy accounting. For example, you can create Cash Sales under Sales voucher type so that you can identify and sequentially number all your cash sales. For faster data entry operation, you can also use voucher class in TallyPrime. Recording transactions for accounting entry in TallyPrime follow a simple pattern. You can record a transaction with the following steps. A transaction for payment of rent (expenses) is used as an example. • Press Alt+ G (Go to) > Create Voucher> press F5 (Payment). Alternatively, Gateway of Tally> Vouchers> press...