Sorry, if I don't have even the basic understanding of Accounting Principals !!
But still I have a little query, which was never been answered. The CA's with whom I discussed give the reference of Tax Law & Procedures but still I feel there is a gap between the Law & Logic.
All the Taxes paid during the year are shown as advance taxes, including all the service tax credit, excise credit etc..
And most of companies / organizations / entity whatever the name be called them in the context of above stated queries, use the electronic books of accounts, where the balance sheet is ready instantenously at the click of mouse, even on 01st April at 1100 hours for the current year.... Does it makes any logic sence to treat all taxes by whichever nature we may call to put in our Final statement of Accounts as "ASSETS"
This logic was relevant when we inaugrated the process of finalization of our books of accounts after the end of operational fiscal year. Does that makes sense now ??
ambrish
CAclubindia
