Menu
Individual advance tax
advance tax paid to individual, it capital or expense
Replies (2)
Quick Summary
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
It's not considered as an expense but statutory liability.
Recent Topics :
- Guidence requested for a Finance Professional with
- Expert Opinion Required – Form 140 Gross Amo
- WRONG TAX DEMAND - formal responses , rectificatio
- Foreign remittance
- Affordable Residential Flats in Gurgaon
- Manufacturing
- TAN REGISTRATION ON E-FILLING SITE
- Form 10-IEA – Continuing Old Regime
- Income tax act 2026
- Belated Return where Form 10IEA filed this year to
Related Topics :
CAclubindia
