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Advance tax

This query is : Resolved 

What is the nature of advance tax in accounts i.e whether it shown in current assets as prepaid expense or it is treated as a indirect expense ?
is this treatment is same for all assesses i.e for individuals,firms,companies

The payment of Advance Tax is shown under current assets as advances. Same treatment is to be followed for all assesses.

thank u sir ......
when provision for income-tax created and when advance tax deducted from provision for incometax

your are right on adjustment of advance tax against provision for income tax.


Bajaj Finserv

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