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Revised schedule vi

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CHETAN

Articled Student

21 Points Posted on 02 March 2012

1. IF A COMPANY PAID ADVANCE TO ITS SUPLIERS OF RAW MATERIALS AND ALSO PAID ADVANCE TO PURCHASE OF CAPITAL GOODS THEN WHERE SHOULD BE DISCLOSED THIS UNDER THE NEW REVISED SHEDULE VI?

2. IF THERE ANY DEBIT BALANCE I.E CENVAT CREDIT UNDER EXCISE DUTY AND SERVICE TAX UNDER WHICH HEAD IT SHOULD BE DISCLOSED?

3. IF THERE IS LONG PENDING DFIA RECEIVABLE CAN WE CLASIFY THE SAME UNDER NON CURRENT ASSETS?

Replies (1)

Advance for Capital Advance will always be disclosed under the line item "capital Advances" under the head "Long TERm Loans and Advances irrespective of the fact the capital assets will be acquired in less than 12 months from the end of the reporting period.

Advance for raw material has to be judged as per the terms of advance. If it is expected to be settled within 12 months then it is to be shown as Loans and Advances to Others under Current Asset .

It should be disclosed under Short Term Loans and Advances.