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Advance tax treatment

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Querist : Anonymous

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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.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
15 July 2013 Advance tax till the assessment order received under current asset only
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
15 July 2013 show advance tax under other current assets in rev sch6.
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