There is an advance tax showing up debit balance of Rs.100000/-. This has been showing since 2 years.
There is current year Loss Rs.900000/-.
Can we adjust the advance tax showing debit balance against Reserve and Surplus?
sagar (CA Final) (379 Points)
20 September 2009There is an advance tax showing up debit balance of Rs.100000/-. This has been showing since 2 years.
There is current year Loss Rs.900000/-.
Can we adjust the advance tax showing debit balance against Reserve and Surplus?
BHAGYESH RAVANGE
(C.A Job)
(1528 Points)
Replied 20 September 2009
Advance tax can be adjust from the Provison made for the Income tax for the Respective year.
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