Provision of Tax & advance Tax
This query is : Resolved
04 June 2010
Weather Provision of Tax & advance Tax can be shown seperately in Balance sheet till the Assessment for that year made or can be written-off in the same ledger before the assessment in mentaining books of accounts of the company ?
which is the right process ? or
what is the right procedure of mentaining book of accounts for this ?
which is the right process ? or
what is the right procedure of mentaining book of accounts for this ?
04 June 2010
Provision for Tax and advance tax should be shown separately in the balance sheet till the assessment for that year is completed in all respect.
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04 June 2010
My view is same as above but accounting standards recommends set off.
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04 June 2010
what about in mentaining books of accounts ?
In which AS.
In which AS.
04 June 2010
AGREED WITH MR. PALANI. IT SHOULD BE SHOWN SEPRATELY ASSESSMENT YEAR WISE, TILL ASSESSMENT IS MADE FOR THAT PARTICUALR ASSESSMENT YEAR.
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