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Tax for advance receive for contruction of building

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(Querist)
28 March 2016 have any tax is liable for advance receive for contruction of building in a vacant land
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Saravana Perumal Aiyathurai

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Saravana Perumal Aiyathurai (Expert)
29 March 2016 It forms part of your turnover. if no work started on the site then no need to pay income tax on it. It can be treated as current liability in your balance sheet.
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Saravana Perumal Aiyathurai

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Saravana Perumal Aiyathurai (Expert)
29 March 2016 No. It will not be taxable




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