Income Tax
This query is : Resolved
15 June 2010
Under what group does advance tax come when an entry is to be passed for advance tax in tally?
15 June 2010
Taxes and Duties (Assets).
15 June 2010
and what if it is grouped under Taxes and Duties (liability)?
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.
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
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.
Mr Devendra, if it is done in current liabilities, then it is not right, it should be changed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- FEMA regulation Act. for inward remitance
- Grand in aid
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
