Advance tax payments treated as asset, not deductible as expense, adjusted against tax liability on finalisation of accounts. Advance tax payments are not deductible expenses and are treated as assets carried as advances; they are set off against the taxpayer's tax liabilities on ... Summary
Advance tax payments treated as asset, not deductible as expense, adjusted against tax liability on finalisation of accounts.
Advance tax payments are not deductible expenses and are treated as assets carried as advances; they are set off against the taxpayer's tax liabilities on finalisation of accounts and presented under Loans and Advances in the balance sheet.
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