Itr-7 - co-operative bank's current/savings/fd deposits
This query is : Open
CA Smit Morabia
(Querist)
22 November 2018
Hie, I had come to a query from a Co-operative Society with Banking License.
They asked where and how to report Co-operative Bank's Current/Savings/FD Deposits in the ITR-7?
Previously since last three years, they were reporting it under :Unsecured Loans" Column, but thereafter, every year, they are subject to limited scrutiny for Huge amount of Unsecured Loans, which they are reply that it is their Current, Savings and Fixed Deposits.
So if anybody knows where to report Co-operative Bank's Current/Savings/FD Deposits other than above in the ITR-7, please reply.
Thanks.
They asked where and how to report Co-operative Bank's Current/Savings/FD Deposits in the ITR-7?
Previously since last three years, they were reporting it under :Unsecured Loans" Column, but thereafter, every year, they are subject to limited scrutiny for Huge amount of Unsecured Loans, which they are reply that it is their Current, Savings and Fixed Deposits.
So if anybody knows where to report Co-operative Bank's Current/Savings/FD Deposits other than above in the ITR-7, please reply.
Thanks.
CA.Sourabh Sethia
(Expert)
23 November 2018
I think ITR is ITR -5
Banks arrange their assets and liabilities in order of liquidity.
It can be considered as Current Liabilities
only consider this for short-term liquidity out-flow and are thus expected to be paid off
Banks arrange their assets and liabilities in order of liquidity.
It can be considered as Current Liabilities
only consider this for short-term liquidity out-flow and are thus expected to be paid off
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