Advance tax treatment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 April 2013
My question is we had paid advance tax for the year 2012-13 & advance tax head is in Other Current assets but when Income tax Liability is same as advance tax paid so what will be the adjustment?? Cause Income Tax is our Liability & Advance tax is shown under Assets.
CMA Ramesh Krishnan
(Expert)
15 July 2013
Advance tax till the assessment order received under current asset only
15 July 2013
show advance tax under other current assets in rev sch6.
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