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Advance from customer

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 April 2011 The company manufacturing activities are yet to be started say 5-6 months later. Can it receive advance from customer?

Any legal issue under Income Tax or other law.
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CA Navin Jain

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CA Navin Jain (Expert)
02 April 2011 YES, COMPANY CAN RECEIVED ADVANCED FROM CUSTOMER AGAINST SUPPLY ORDER
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Querist : Anonymous

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Querist : Anonymous (Querist)
02 April 2011 Dear Mr. Navin

I have doubt that the company has not set up factory yet?
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CA. Lohith Jagadeesh

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CA. Lohith Jagadeesh (Expert)
03 April 2011 Hi,

You can go ahead, but make sure about the Accounting entires.

Not Setting up the Factory cannot be taken as a point for not receiving Advances from Customers, if the company is confident about running the Show.

Regards
CA. LOHITH.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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Querist : Anonymous

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Querist : Anonymous (Querist)
05 April 2011 Thanks Mr. Lohith
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