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Advance tax paid treatment

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Kkk
1204 Points Joined February 2017
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.
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On 17 January 2022 at 18:02 Report
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Practising CA
8954 Points Joined December 2013
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.
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On 17 January 2022 at 22:23
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Kkk
1204 Points Joined February 2017
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.
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On 18 January 2022 at 14:22
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Practising CA
8954 Points Joined December 2013

Both are right. I prefer debit to capital

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On 18 January 2022 at 14:43
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Kkk
1204 Points Joined February 2017
Thank u Mr Raj
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On 18 January 2022 at 14:47

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