Advance tax

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priyankasanghi

priyankasanghi (Querist)
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04 September 2013 what do we mean by "Advance tax (net of provision for taxation)"

Please explain.
thanks in advance

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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04 September 2013 It means advance tax after taking into consideration provision for taxation.

priyankasanghi

priyankasanghi (Querist)
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04 September 2013 Please give the explanation and if possible an example

thanks

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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04 September 2013 advance tax payment made after management takes into cal the prov for tax for cy.

priyankasanghi

priyankasanghi (Querist)
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04 September 2013 Please dont let the query resolved, let the other experts express their opnion

Ganeshbabu K

Ganeshbabu K (Expert)
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11 September 2013 In this case Avancetax paid was more than provision for taxation for the respective financial year
.
.
like Advance tax paid was 15 lakhs but provision for tax is 10 lakhs only
.
.
Nature of advance tax is current asset and provision for tax is current liability instead disclosing both in financials generally we disclosed under current assets as Advance tax (Net of provision for tax)

priyankasanghi

priyankasanghi (Querist)
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13 September 2013 thank you sir