Hi Sudheer
Advance income Tax is a Current Asset.You can also put it under Duties and taxes where it will show on Debit Side
Prepaid Insurance is Current Asset
Learn more about Advance tax
http://www.teachoo.com/5111/1314/Advance-Tax-and-Provison-for-Tax/category/Provision-for-Tax/
Learn more about Prepaid Exp
http://www.teachoo.com/829/252/Prepaid-Expense-Entries/category/Prepaid-Entries/
Written on Sept. 22, 2016, 6:31 p.m.