Showing security deposits in the balance sheet in ITR-5

ITR 1185 views 3 replies

Where to show refundable security deposits paid to Internet Service Provider, in the Balance Sheet in ITR-5?

1)  a. Current assets > 4. Other Current Assets

2)  b. Loans and advances > i. Advances recoverable in cash or in kind or for value to be received

3)  b. Loans and advances > ii. Deposits,loans and advances to corporates and others

 

If it's 2) or 3), whether it will be treated as a deposit for the purpose of business or profession or not?

Replies (3)

2.  Yes....                         

Since it is a Security Deposit, can't I show it under b. Loans and advances > ii. Deposits,loans and advances to corporates and others?

If you show in b.Loans and advances ii.Deposits,loans and advances to corporates and others..It becomes Intercorporate Deposits(ICD) and it should shown in DPT-03 of ROC compliance if your concern is private limited company...Go for option 2


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