HI FRIENDS,
WHAT WOULD BE THE CLASSIFICATION FOR TDS & ADVANCE TAX OF AN ASSESSEE(CURRENT OR NON CURRENT)?? WHAT SHOULD BE THE BASIS OF SUCH CLASSIFICATION? WHETHER IT VARIES FOR DIFFERENT ASSESSES ?REPLY ASAP...........
REGARDS,
NITIN
nitin suvarna (C.A FINAL) (828 Points)
01 September 2012HI FRIENDS,
WHAT WOULD BE THE CLASSIFICATION FOR TDS & ADVANCE TAX OF AN ASSESSEE(CURRENT OR NON CURRENT)?? WHAT SHOULD BE THE BASIS OF SUCH CLASSIFICATION? WHETHER IT VARIES FOR DIFFERENT ASSESSES ?REPLY ASAP...........
REGARDS,
NITIN
meenakshi
(Audit Manager)
(81 Points)
Replied 01 September 2012
TDS and Advance tax are current assets only. An asset which is expected to be realized within twelve months of the reporting date (close of the financial year) is treated as current asset.
This treatment is same for all assesssees.
nitin suvarna
(C.A FINAL)
(828 Points)
Replied 01 September 2012
In the case of a company ,what is the actual realisation of these assets ,according to me we should consider the assessment which sometimes is after 12 months also........
CAclubindia
