What is advance tax
Advance tax is the taxes paid in advance on the estimated income of the current financial year. It is a way of paying tax on an ongoing basis rather than waiting until the end of the year. In India, individuals and businesses require to pay advance taxes if their tax liability for the year is more than Rs. 10,000.
To Visit https://www.incometax.gov.in/
Quick assets are those assets that can easily and quickly convert into cash within a short period of time, usually within 90 days. Advance taxes deduct from current assets while calculating quick assets because it considers as pre-payment of income liability. It can claim as a refund if the actual taxes liability for the year is less than the amount paid as it. Therefore, it can treat as a current asset until the final tax liability determine and the excess amount refund.
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