Month: October 2020

Ind AS 12 – Income Taxes
/ Taxation

Ind AS 12 – Income Taxes

The objective of this Standard is to prescribe the accounting treatment for income taxes. The principal issue in accounting for income taxes is how to account for the current and future tax consequences of: (a) the future recovery (settlement) of the carrying amount of assets (liabilities) that are recognised in an entity’s balance sheet; and …

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What is advance tax?
/ Taxation

Advance Tax

What is advance tax? “Advance Tax” name itself suggests the tax that’s to be paid up in advance. Advance tax means income tax should be paid in advance rather than lump sum payment at year end. it’s also referred to as “pay as you earn tax”. These payments need to be made in instalments as …

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