Revise schedule vi
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 May 2012
Why advance income tax heading is shown on long term loan and advances ? rather than sort term loan and advances ?
Plz clarify how it is long term?
Plz clarify how it is long term?
CA CS Amit S. Kedia
(Expert)
24 May 2012
As per Frequently Asked Questions (FAQs) – Revised Schedule VI by ICAI answer given for Question No.31-
Current year tax provision (net of advance tax) will generally be treated as current
liability, as this will become due in the short term. Current year advance tax (net of provision) as well as past year’s advance tax (net of provision) shall generally be classified as non-current as these are not likely to arise in the short term. Advance taxagainst which refund orders have been passed, and if not adjusted towards other liabilities, will only be treated as a current asset.
Current year tax provision (net of advance tax) will generally be treated as current
liability, as this will become due in the short term. Current year advance tax (net of provision) as well as past year’s advance tax (net of provision) shall generally be classified as non-current as these are not likely to arise in the short term. Advance taxagainst which refund orders have been passed, and if not adjusted towards other liabilities, will only be treated as a current asset.
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