Tax for advance receive for contruction of building
This query is : Resolved
28 March 2016
have any tax is liable for advance receive for contruction of building in a vacant land
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.
29 March 2016
No. It will not be taxable
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