Advance tax
This query is : Resolved
04 April 2014
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
is this treatment is same for all assesses i.e for individuals,firms,companies
04 April 2014
The payment of Advance Tax is shown under current assets as advances. Same treatment is to be followed for all assesses.
05 April 2014
thank u sir ......
when provision for income-tax created and when advance tax deducted from provision for incometax
when provision for income-tax created and when advance tax deducted from provision for incometax
05 April 2014
your are right on adjustment of advance tax against provision for income tax.
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