Individual advance tax
gaddala ramesh (166 Points)
24 March 2023
advance tax paid to individual, it capital or expense
2 Replies
CA Rakesh Ishi
(Working at Private Company)
(8637 Points)
Replied 24 March 2023
The advance tax paid to an individual can be treated as an expense in the books of the payer.
It is considered as an asset and adjusted against one's tax liabilities at the time of finalization of the Balance Sheet. It is a charge on income and not considered as an expenditure
sabyasachi mukherjee
(27740 Points)
Replied 24 March 2023
It's not considered as an expense but statutory liability.
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