Siddharth (Student) (95 Points)
19 September 2011Hi... I am doing Funds Flow Statemtent
How is Provision for tax treated in a sum of fund flow statement?
What i saw...Some questions took it Current Assets(working captial) and some in funds from operation
so...2 cases here
1.When No addition information is given with Provision for tax.
2.When there is addition information given with Provision for tax.
Please Reply Quickly...
Thanks,
Siddharth
Siddharth
(Student)
(95 Points)
Replied 19 September 2011
And Also Please Help me where in a question both Advance tax payment and provision for tax is given......and the adjustment says that tax paid during the yr is so and so. A cheque of 4000 was recieved along with the assessment order towards refund of income tax paid in excess,by way of advance tax in earlier years...
Plzz.. Help
himanshu
(student)
(95 Points)
Replied 19 September 2011
Provision for tax would be shown in adjusted profit and loss account and it would not be shown in working capital changes unless otherwises stated and refund of tax would be shown in adjusted profit and loss account as miscellaneous incomes. advance tax paid would come under funds from operations.
CAclubindia
