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Treatment of advance tax paid

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 October 2011 hii
. what would be the correct treatment of advance tax paid in a fund flow statement?
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CA Pushpendra Gaur

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CA Pushpendra Gaur (Expert)
10 October 2011 It should be shown as Changes in working Capital Schedule if given as standalone item in two balance sheet

But if adjustment pertaining to Advance tax, Provision for Taxation is given

Then the amount of provision for the year is required to be added back in calculating Fund from Operation and Taxes paid should be shown as deduction from Fund from Operation

Some author shows Payment of taxes as Application of fund rather than adjusting the same from "Calculation of Funds from operation"
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