Dear Expert
If a company is in receipt of a advance from any customer and advance is pending with a company for a longer time of 3-5 years.
What is treatment udner Ind-AS and or Co Act, 2013
Can You pl elaborate
Devendra Deore (Practice) (41 Points)
07 February 2018Dear Expert
If a company is in receipt of a advance from any customer and advance is pending with a company for a longer time of 3-5 years.
What is treatment udner Ind-AS and or Co Act, 2013
Can You pl elaborate
Sandeep Garg
(Consolidation and IndAS Application)
(1056 Points)
Replied 07 February 2018
Any specific reason why advance not settled?
What are the contract terms?
Why there is a delay?
Devendra Deore
(Practice)
(41 Points)
Replied 23 April 2018
Long pending advances , older more than a year are treated as Deposits under Co Act 2013. (There are some exceptions to this like adv received for supply of long term projects is not to be treated as deposit etc)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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