Showing security deposits in the balance sheet in ITR-5

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)
Quick Summary
This discussion addresses the correct placement of refundable security deposits paid to an Internet Service Provider on the ITR-5 balance sheet. It explores options within current assets and loans and advances, specifically questioning whether such deposits should be classified under 'Advances recoverable' or 'Deposits, loans and advances to corporates and others'. The consensus leans towards classifying it as a deposit under loans and advances, with a cautionary note regarding potential ROC compliance (DPT-03) if treated as an Intercorporate Deposit for private limited companies.

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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