15 June 2010
I think Mr. Rahul has properly answered your query. You have wrongly classified the duties and taxes under current liabilities and provision. If you have done so, only provisions made for taxation, sales tax and for some other taxes would fall under this and further, TDS payable payable along with interest would be subgrouped under duties and taxes.
For advance tax, you can open other group (namely Advances recoverable from tax authorities) which should be grouped under current assets.
So, to distinguish them separately, you should open different group.
CAclubindia
