Romeo (Working) (87 Points)
02 December 2015Respected Sir/Madam,
i have decided to file my own itr-4 , but i have some doubts in balance sheet.
i have read some posts on this forum but i m still confused, hence decided to ask.
is it ok if i show FD of more than 1 year in OTHER CURRENT ASSETS
and is it ok if i show FD of 1 year or less than 1 year in DEPOSITS, LOANS & ADVANCES TO CORPORATES AND OTHERS...
Please guide me,
thank u :)
Vinod Lakhera
(CA in service)
(85 Points)
Replied 02 December 2015
1. In my view, you should show FD having more than 1 year maturity in Government and Other securities- unquoted (provided your intention is to having keep it invested for more than 1 year.)
2. FD's which are maturing within 1 year, it is better to show under head 'Other Current Assets'.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
