Advance tax under head

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744 Points Posted on 30 August 2022
advance tax under head current asset or capital account
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On 30 August 2022 at 13:28 Report
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Quick Summary
This discussion clarifies the correct accounting treatment for advance tax. It establishes that advance tax should be classified under 'Current Assets', specifically within the sub-head 'Balance with Revenue Authorities', rather than being treated as a capital account item.

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SEO Sai Gr. Hosp.
212447 Points Posted on 30 August 2022

Current Assets..                              

3 Reply
On 30 August 2022 at 14:54
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CA
156 Points Posted on 30 August 2022
Advance Tax should be disclosed under the head "Current Assets" ,Sub head " Balance with Revenue Authorities".
4 Reply
On 30 August 2022 at 15:19
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Chartered Accountant
86505 Points Posted on 03 September 2022
Capital Account
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On 03 September 2022 at 19:37

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