Menu
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)
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
Recent Topics :
- Dividend from co-operative society
- SECTION 139(10) OF THE COMPANIES ACT, 2013 CASE
- TDS u/s.194C returns filed in ITR-1
- TDS on Property - Form 26QB Related
- Capital gains on sale of flat from wife to husband
- TDS filing for the 1st quarter of TY 2026-27
- Login into Old Traces Portal
- Professional Income reporting in ITR-3
- Pf exemption in hand of spouse on demised of husba
- Missed deadline to revise ITR for a foreign asset
Related Topics :
CAclubindia
