Advance Tax Payment

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189 Points Posted on 18 March 2021
Kindly Help me out

Advance Tax Payment Under Which Head it will Go
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On 18 March 2021 at 11:26 Report
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Quick Summary
This discussion clarifies the accounting treatment for advance tax payments. It confirms that advance tax should be classified under 'Short Term Loans & Advances' on the asset side of the balance sheet, specifically as a 'Current Asset'. This classification aligns with Schedule III of the Companies Act 2013.

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GST Practitioner & Accounts
15146 Points Posted on 18 March 2021

Advance Tax   Payment  under  Short  Term  Loans  & Advances  , under Current  Asset  asset Side   Balance sheet  as per  Schedule III  of the Companies  Act  2013 

Pass  J. E

Advance Tax   A/c   Dr 

To  Bank         A/c    Cr 

(  Payment  of  Advance  Tax  to  Govt  A/c ) 

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On 18 March 2021 at 11:50
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Chartered Accountant
24588 Points Posted on 18 March 2021
Advance tax is current assets
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On 18 March 2021 at 12:45
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GST Practitioner & Accounts
15146 Points Posted on 18 March 2021

We are paying Tax in  advance  therefore  It is  under  Advances  under  Current  Asset  and   Same was mentioned above . 

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On 18 March 2021 at 13:10

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