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Advance tax (Accounts)

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This query is : Resolved

Author : Anonymous

( Author )
29 May 2012

 wat is the treatment of advance tax while preparing books of accounts in case of company, firm and sole prop.?


Sanjay Chauhan (IFRS)

( Expert )
29 May 2012

 Advance tax should be accounted in a separate account till the assessment is over.

At the balance sheet date, the advance tax for a particular year should be shown net with the provision for tax of that year.



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