Income Tax

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Devendra

Devendra (Querist)
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15 June 2010 Under what group does advance tax come when an entry is to be passed for advance tax in tally?

Rahul Gupta

Rahul Gupta (Expert)
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15 June 2010 Taxes and Duties (Assets).

Devendra

Devendra (Querist)
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15 June 2010 and what if it is grouped under Taxes and Duties (liability)?

DEEPIKA GOEL

DEEPIKA GOEL (Expert)
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15 June 2010 I think Mr. Rahul has properly answered your query. You have wrongly classified the duties and taxes under current liabilities and provision. If you have done so, only provisions made for taxation, sales tax and for some other taxes would fall under this and further, TDS payable payable along with interest would be subgrouped under duties and taxes.

For advance tax, you can open other group (namely Advances recoverable from tax authorities) which should be grouped under current assets.

So, to distinguish them separately, you should open different group.

Message likes : 2 times

Rahul Gupta

Rahul Gupta (Expert)
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15 June 2010 Well Explained By Ms Deepika.
Mr Devendra, if it is done in current liabilities, then it is not right, it should be changed.

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