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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.
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