Advance tax accounting: collections to be recorded under Income tax on companies sub head, changing adjustment and refund procedures. Revises accounting procedure so that advance tax collections from companies are recorded under a new sub head 'Advance payment of tax' subordinate to the minor head Income tax on companies, with challan annotation until printed forms are available and transfer of previously booked gross collections into the new sub head. Adjustment memos to Treasury on completion of assessments are discontinued; prior Treasury adjustments must be reversed by contra debits in 1970 71 accounts and consolidated statements sent to Accountants General. Refunds of advance tax are to be accounted under the sub head 'Other refunds' within Income tax on companies using regular refund vouchers.
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Advance tax accounting: collections to be recorded under Income tax on companies sub head, changing adjustment and refund procedures.
Revises accounting procedure so that advance tax collections from companies are recorded under a new sub head "Advance payment of tax" subordinate to the minor head Income tax on companies, with challan annotation until printed forms are available and transfer of previously booked gross collections into the new sub head. Adjustment memos to Treasury on completion of assessments are discontinued; prior Treasury adjustments must be reversed by contra debits in 1970 71 accounts and consolidated statements sent to Accountants General. Refunds of advance tax are to be accounted under the sub head "Other refunds" within Income tax on companies using regular refund vouchers.
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