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Showing vendor advances in Balance Sheet in ITR Form

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Amlan Ranjan Dutta

Business

104 Points Posted on 29 December 2021

Where to show vendor advances 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

Replies (2)

Quick Summary

This discussion addresses the correct placement of vendor advances on the Balance Sheet within the ITR-5 form. It explores options such as 'Other Current Assets' or under 'Loans and Advances', specifically 'Advances recoverable in cash or in kind' or 'Deposits, loans and advances to corporates and others'.