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Q. > Please Help: Advance Tax
Is advance Tax paid by company can booked as expense in books
3 Answers
answered Jul 06, 2011 by Anjali Arora
NO, Advance Tax cant be booked as Expenses. it have to show separately in Current Assets.
answered Mar 07, 2012 by Ketan Samdani , V V Nagar
Advance tax paid should be shown under current assets & not to be charged in P & L A/c.
answered May 21, 2013 by Vikash Kumar Jha , Cuttack
It is the item of Balance sheet in your financial statement
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Comments
banwari sharma
06-Jul-2011 , 03:09:34 pmNo,since on the time of adv.payment entry would be.... {1}- adv.tax a/c dr. (under head current assets) To bank a/c from the above entry it is clear that no impact on P/L a/c. & hence it have to show separately in Current Assets.
CA. MANISH MALHOTRA
06-Jul-2011 , 10:26:42 pmno
CA. MANISH MALHOTRA
06-Jul-2011 , 10:33:17 pmno
CA VIPIN GARG
07-Jul-2011 , 10:26:18 amtotally agree with Ms. Anita.............
Ansuman
07-Jul-2011 , 02:00:54 pmThanks to all
Saurabh Mittal
08-Jul-2011 , 05:20:28 pmNo advance tax is not a expense Income Tax: not allowed as expense Sales Tax: allowed as expense
Saurabh Mittal
08-Jul-2011 , 05:22:36 pmCA Amit Jain
24-Jul-2011 , 09:09:07 pmThere are two process practically followed in the Industry. 1. Show the Advance Tax and TDS Receivable(If deducted by customer) under head loans and advances and make the provision for tax liability under head provisions. 2. You can also book the advance tax as a expense but in that case you are not required to make provision for Income Tax. In case there is difference between advance tax and provision for Income Tax due to TDS receivable you should separate maintain break up of advance tax, TDS receivable and provisions for income tax for each year. If you will not maintain than in this procedure you may feel the problem at the time of any assessment.