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of <h1>Advance Tax: Asset Not Expense, Adjusted Against Liabilities in Balance Sheet, Recorded Under Loans and Advances</h1> Advance Tax is not classified as an expense but as an asset, which is adjusted against tax liabilities during the finalization of the Balance Sheet. It is a charge on income and is not treated as an expenditure. In the Balance Sheet, Advance Tax is recorded under Loans and Advances.
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