Revised schedule vi

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Pravin Prajapat (Querist)
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28 August 2013 I am presenting the F.S. of ABC Pvt. Ltd. under R.S. VI format it has the Following Data
Advance Tax (A.Y. 13-14) = 23,00,000
TDS(A.Y. 13-14)= 15,00,000(As per 26AS)
Provision for Tax = 28,00,000
How the presentation should be made as per R.S. VI is concern ?????????

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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05 September 2013 advance tax & TDS need to show under loans & advances, balance with revenue authorities and provision of tax under current liabilities and provisions

Pravin Prajapat

Pravin Prajapat (Querist)
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05 September 2013 Thanks to reply Sir but as per my knowledge we have to show the NET figure of Advance Tax & provision for Tax.
Here Rs. 2,00,000 wil shown in Long Term Loans & Advances
But My Query is about the TDS,How it would be Treated as a
Long Term Loans & Advances or
Current Assets ????????????

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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05 September 2013 we cannot net off the liability and TDS

TDS is not long term advance. but loans & advance as non current item, since the assessment normally takes more than 12 months

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Pravin Prajapat

Pravin Prajapat (Querist)
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06 September 2013 Sir I Have another confusion, since you have told that Assessment normally takes more than 12 months that is why we are showing it as a non-current, but After filing ROI, Refund of TDS/Excess Advance Tax (if any) will credited ,automatically without any refund order, in our account through ECS,
so when we can show refund as a Current Item......????????

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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06 September 2013 Provision for tax, TDS and advance tax and all, usually after getting assessment order only will be adjusted, so after finalisation filling of return will take 6 months and notice for assessment will take 9 to 12 months and after that only tax assessment order will be finalised.

but even, based on company`s decision, it can be taken current also, provided your auditor agree for the same

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