how to treat advance income tax for 09-10
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 December 2009
For the financial year 08-09 Balance sheet on the asset side shows advance income tax
2050.for the next year i.e for 09-10 how shd i bring forward shd I put it as in opening balance of advance income tax and if yes than is there any reuqirement to nullify the account or keep as it is for the year. I am just perplexed because the concerned person told me to nulllify a/c. I am clueless.Usally how is it treated.
For the financial year 08-09 Balance sheet on the asset side shows advance income tax
2050.for the next year i.e for 09-10 how shd i bring forward shd I put it as in opening balance of advance income tax and if yes than is there any reuqirement to nullify the account or keep as it is for the year. I am just perplexed because the concerned person told me to nulllify a/c. I am clueless.Usally how is it treated.
16 December 2009
In principle; the amount of Advance-tax is shown in the balance sheet till the income-tax assessment is settled.
Practically; if advance tax is equivalent to or less than the amount of tax payable; then for assessees other than company; it may be debited to capital account.
Ca Rakhecha,Surat
Practically; if advance tax is equivalent to or less than the amount of tax payable; then for assessees other than company; it may be debited to capital account.
Ca Rakhecha,Surat
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 December 2009
Thanks for the reply
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