28 August 2013
I am presenting the F.S. of ABC Pvt. Ltd. under R.S. VI format it has the Following Data Advance Tax (A.Y. 13-14) = 23,00,000 TDS(A.Y. 13-14)= 15,00,000(As per 26AS) Provision for Tax = 28,00,000 How the presentation should be made as per R.S. VI is concern ?????????
05 September 2013
advance tax & TDS need to show under loans & advances, balance with revenue authorities and provision of tax under current liabilities and provisions
05 September 2013
Thanks to reply Sir but as per my knowledge we have to show the NET figure of Advance Tax & provision for Tax. Here Rs. 2,00,000 wil shown in Long Term Loans & Advances But My Query is about the TDS,How it would be Treated as a Long Term Loans & Advances or Current Assets ????????????
06 September 2013
Sir I Have another confusion, since you have told that Assessment normally takes more than 12 months that is why we are showing it as a non-current, but After filing ROI, Refund of TDS/Excess Advance Tax (if any) will credited ,automatically without any refund order, in our account through ECS, so when we can show refund as a Current Item......????????
06 September 2013
Provision for tax, TDS and advance tax and all, usually after getting assessment order only will be adjusted, so after finalisation filling of return will take 6 months and notice for assessment will take 9 to 12 months and after that only tax assessment order will be finalised.
but even, based on company`s decision, it can be taken current also, provided your auditor agree for the same
CAclubindia
