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Advance income tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 September 2011 ADVANCE INCOME TAX PAID DURING THE F.Y.AND ITS VIEW TO P&L IT IS CORRECT OR NOT.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
28 September 2011 Query not clear. Advance income tax need to pay based on the projected income for the financial year. It Need to be debited advance tax under current asset
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CA Pushpendra Gaur

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CA Pushpendra Gaur (Expert)
29 September 2011 Ramesh is right, it shpuld be shown under Current Assets
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