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
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Classification
Replies (2)
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.
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........
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