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Advance tax paid treatment
If a person paid the advance tax but there is no liability to pay the tax at the end of the year due to loss in bussiness then where to show in balance sheet or profit and loss account.
Replies (4)
Quick Summary
It is a presentation thing.
Either you debit to capital.
OR show the same as long term loans and advances and create corresponding provision for tax if applicable.
Either you debit to capital.
OR show the same as long term loans and advances and create corresponding provision for tax if applicable.
No tax payment is due as income is below 5lacs.so show it as current assets or debit from capital accounts.whats the right treatment.
Both are right. I prefer debit to capital
Thank u Mr Raj
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