Hi,
I have a business in which i have received certain as advance from a customer in march but i would be suppling and billing the customer in April (Next fin. year). I have shown in under Income received in advance as current liablities.
In ITR3 (AY 2017-18) there is no provision for Income reveived in Advance under the current liablities section.
Kindly guide me as to how i should account for the same.
(Also i have checked ITR5, they have a special row for Income received in advance)
NS
Don't get confused of Income received in advance of ITR 5.
In your case it is just advance and not income......... it can be filled under advance/loans/deposits i.e. in column '2b.(ii). From others' in BS.
By the way why dont you file ITR4........ no such requirements.........
Sir, Income received in advance is a liability and advances in column 2b(ii) are assets. where to disclose liability of income received in advance in ITR 3
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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