Accounting for Advance Tax Receivable


 
Finance and Investing > Forum > Accounting for Advance Tax Receivable

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