Accounting for Advance Tax Receivable

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Accounting for Advance Tax Receivable
Hijab Naqvi, Student (MBA), Pakistan

If a company is exempt from tax and bank wrongly deducts tax from its bank profit and the company records that deduction as a receivable (tax asset), how would the amount of advance tax receivable be accounted for in the financial statements of the company?
Kindly advice on the correct treatment.



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