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Treatment of advance tax

This query is : Resolved 
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(Querist)
15 October 2014 why advance tax paid is shown in Long term loans and Advances
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
16 October 2014 because assessments dont close in less than a year. so the entry remains open for more than the period required for it to be classified as short term advance.

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