Revised schedule vi.

This query is : Resolved

CA CS Baljit Kaur (Querist)
Follow

27 June 2012 Sir,

I have a query regarding provision for current year tax, advance tax
and TDS Receivable about it disclosure in revised schedule VI format.
As Current years tax is a current liability and Advance tax net of
provision for tax is refund which is also to be treated as Current
Assets . But while going through Reliance Annual Report they have made
the disclosure as long term term Loans & Advances. And in case of TCS
Annual Report , they have disclosed Advance tax(including refund
receivable) as Long term Loan & Advances and Current Income Tax as
Short term Provision......So can you brief us about the above said
issue and how to give the correct treatment.

Hoping for a favourable response

Rathin Roy

Rathin Roy (Expert)
Follow

29 June 2012 Yes the correct treatment as per new classifications in Sch VI is to show the current years' liability under Current Liabilities (since it has to be paid before filing IT return). Any advance taxes as per books after netting off provisions for respective years should be shown under Long-term Loans and Advances (unless Refund Orders have been passed) since they are not likely to be refunded in the short-term.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

ASIM ATREY AND ASSOCIATES

ABHISHEK RATHORE

madhu sudan

Sapan Kumar Nayak

Ramulu Thakkalapally

Subscribe Now

Revised schedule vi.

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA