Advance from patients amount shown in balance sheet allowed

                  
                        Sundaraiah Kollipara
                      
                    watch_later 21/07/23
                  
If person maintained a private hospital advance from different patients rs:10 lacs amount shown in balance sheet.
Question:
Advance from different patients showing amount in balance sheet allowed in it act?

                    1 Response | Latest response: 22/07/23 | Sort by
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                                  GST Payer
                                
                              watch_later 22/07/23
                            
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Yes, you can show advances in the balance sheet under current liabilities.
There is no rule under Income Tax regarding showing advances.

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Advance from patients amount shown in balance sheet allowed

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