Advance tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 May 2012
wat is the treatment of advance tax while preparing books of accounts in case of company, firm and sole prop.?
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.
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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