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Advance tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 May 2012 wat is the treatment of advance tax while preparing books of accounts in case of company, firm and sole prop.?
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Sanjay Chauhan (IFRS)

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Sanjay Chauhan (IFRS) (Expert)
29 May 2012 Advance tax should be accounted in a separate account till the assessment is over.

At the balance sheet date, the advance tax for a particular year should be shown net with the provision for tax of that year.

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