ANG marketing (1 Points)
30 July 2017Hi,
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
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160692 Points)
Replied 31 July 2017
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.........
Anoop Balwani
(Professional)
(84 Points)
Replied 26 August 2018
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
CAclubindia
