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Advance Tax Payment Under Which Head it will Go
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Advance Tax Payment
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Quick Summary
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 )
Advance tax is current assets
We are paying Tax in advance therefore It is under Advances under Current Asset and Same was mentioned above .
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