Advance receipt

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 November 2018 Sir,

I received an Advance amounting Rs 6lac by letting a shop , whether this will be charge as my Income.
Whether i have to paid income tax in this amount. Actually this is not my Income in true sense. Plz advice

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 November 2018 This will not be your income in case of refundable advance. No tax need to be paid on this.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2018 Yes sir amount is refundable but the amount has been credited in my account. Where to show in IT file for this amount.So that no notice issue from IT department.

Expert : Anonymous

Expert : Anonymous (Expert)

23 November 2018 You can show the amount as "Rental Advance" in Current Liability...

Querist : Anonymous

Querist : Anonymous (Querist)

24 November 2018 Why my name is not showing in caclubindia it is written anonymous

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