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Advance tax treatment
How we treat advance tax paid in Financials for a private limited company for fy 2018 - 19
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we show it under loans and are advances after making payment.
after the year end after assessment of final tax liability and payment of SA tax all the advance tax paid, TDS and SA paid is adjusting against Provision of taxation and any excess/short provision made us debited/credited to profit and loss account
after the year end after assessment of final tax liability and payment of SA tax all the advance tax paid, TDS and SA paid is adjusting against Provision of taxation and any excess/short provision made us debited/credited to profit and loss account
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