income tax paid in advance
This query is : Resolved
25 July 2009
how the treatment of advance tax paid at the time of finalisation of account for the current year?
Shyam Lal Naik
(Expert)
25 July 2009
Normally carried forward under forward Current Assets. It is adjusted with Provision for Income Tax, on completion of assessment.
Abhishek Mohta
(Expert)
27 July 2009
It depends on the company policy. There are two way of showing the same:
1. Shown under Current Assets with Tax payable shown under current liabilities side
2. The tax liability can be shown as net of Advance Tax or vice versa.
The same treatment will be done for TDS deducted by parties.
1. Shown under Current Assets with Tax payable shown under current liabilities side
2. The tax liability can be shown as net of Advance Tax or vice versa.
The same treatment will be done for TDS deducted by parties.
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