Shyam Kanabar (Article) (160 Points)
24 December 2011Dear sir,
Advance tax paid in the F.Y.2008-09 for the A.Y.2009-10,BUT This advance tax paid are shown under current F.Y.2011-12 in the books of account.What is the reason behind this.please give me information if any section are applicable for this purpose.
praveen
(Chartered Accountant)
(6971 Points)
Replied 24 December 2011
TAX ACCOUNTING
The following is the manner in which tax is accounted in the books.
First whatever the amount paid as advance tax must be debited to ADVANCE TAX A.C (Prev. Year)
Secondly the TDS and TCS receivable shall also be transferred to this ADVANCE TAX A.C on receipt of the certificate from the respective parties.
Thirdly the tax liability is calculated and a provision is created to that extent under Income TAX PAYABLE A.C (Prev. Year)
When the assessment is complete the tax payable ac and the advance tax ac is set off as per the Assessment Order.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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