Advance tax

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(Querist)
04 April 2014 What is the nature of advance tax in accounts i.e whether it shown in current assets as prepaid expense or it is treated as a indirect expense ?
is this treatment is same for all assesses i.e for individuals,firms,companies
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
04 April 2014 The payment of Advance Tax is shown under current assets as advances. Same treatment is to be followed for all assesses.
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SRINIVAS

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SRINIVAS (Querist)
05 April 2014 thank u sir ......
when provision for income-tax created and when advance tax deducted from provision for incometax
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
05 April 2014 your are right on adjustment of advance tax against provision for income tax.

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