Took advance of Rs 500000/ for supply of iron goods
This query is : Resolved
29 March 2025
I am a proprietor of gst firm and I took advance of Rs5lakhs from a party with condition that the party will give other 15 lakhs with in 30days for supply of goods .If party fails to give the money I will forfeit Rs5 lakhs.now party failed to give balance money.I want to show 5 lakhs in profit account.how this money will be treated by income tax for taxation purpose.my basic income is less the 7 lakhs rupees.will this 5lakh rupees come under basic exemption.pl explain with details .
29 March 2025
The above Rs5 lakh advance was taken in fy 2021-2022 and I want to show as forfeited in fy 2024-2025.Forfeited amount will be shown as profit in fy 2024-2025.please clarify?
29 March 2025
Are expenses allowed as deduction against forfeited amount?
30 March 2025
replied to the same query you had posted later.
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