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Provision of Tax & advance Tax

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(Querist)
04 June 2010 Weather Provision of Tax & advance Tax can be shown seperately in Balance sheet till the Assessment for that year made or can be written-off in the same ledger before the assessment in mentaining books of accounts of the company ?
which is the right process ? or
what is the right procedure of mentaining book of accounts for this ?
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CMA.Palani Arumugam

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CMA.Palani Arumugam (Expert)
04 June 2010 Provision for Tax and advance tax should be shown separately in the balance sheet till the assessment for that year is completed in all respect.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
04 June 2010 My view is same as above but accounting standards recommends set off.
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Rakesh Gupta

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Rakesh Gupta (Querist)
04 June 2010 what about in mentaining books of accounts ?
In which AS.
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
04 June 2010 AGREED WITH MR. PALANI. IT SHOULD BE SHOWN SEPRATELY ASSESSMENT YEAR WISE, TILL ASSESSMENT IS MADE FOR THAT PARTICUALR ASSESSMENT YEAR.
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