jamsheed (CA) (61 Points)
15 December 2009please clarify what is the time limit after which setoff entry for advance tax against provision for tax can be passed???can it be passed before completion of assessment??what will be the position when income returned is equal to income assessed.???
is it compulsory ro wait for receipt of assessment order for passing the setoff entry??and what will be the position if assessment order is not rceived within a reasonable time???
please reply at the earliest.
thankyou
Amir
(Learner)
(4016 Points)
Replied 26 December 2009
Hi jamseed, As such there is no time limit prescribed under any law or accounting principles for setting off of advance tax against provision...Practically in books it is carried till the completion of assessment...and for years when no assessment is done practically it is carried till the time limit for issue of notice u/s 143(3)gets expired..
There is nothing to prevent from passing the setoff entry before the completion of assessment or the expiry of time limit for issuance of notice,,
CAclubindia
