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I run a real estate company and we have taken advance from our customers. No interest has been paid over it. I want to know whether this will be treated as advance or deposit as per the Companies Act 2013.

The amount will be treated as an advance, and not deposit. As per Rule 2(xii) of the Companies (Acceptance of Deposits) Rules, 2014, any amount received in the course of, or for the purposes of the business of the company, as an advance, accounted for in any manner whatsoever, if received in connection with consideration for property under an agreemen...

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