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Disclosure of Advance Tax (Accounts)

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This query is : Resolved

( Author )
22 June 2011

Under which head Advance Tax will be classified?
and if it is disclosed under loans and advances why should we do so?
give reasons for clasification..

CA Harish Suwalka

( Expert )
23 June 2011

Advance tax is disclosed under " Loans and Advances head"

because the same treatment has been approved by AS-22 and schedule VI of companies act


( Author )
24 June 2011

Thank you Mr Harish..
but exact doubt is why AS 22 or Sch VI says it should disclose under the head Loans and Advances?

CA Harish Suwalka

( Expert )
24 June 2011

if we don't show it in loans and advances head than it would have been deducting from the Current Tax payable
so to provide more disclosure, and correct amount of current tax in balance sheet,
by keeping this in mind these provisions might be inserted

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