Advance amount

174 views
User Avatar

Finance Professional
160 Points Posted on 07 March 2018

SIR

THE ADVANCE AMOUNT TRANSFERRED TO INDIRECT INCOMES IN THE P&L ACCOUNT AND SUBSQUENTLY INVENTORY ALSO REDUCED.  THE ADVANCE AMOUNT BEING RECEIVED FOR MANUFACTURE OF GOODS.  PLEASE LET ME KNOW THE TRANSFERRED ADVANCE AMOUNT IS CHARGEBLE UNDER WHICH HEAD WHETHER BUSINESS INCOME OR CAPITAL GAIN.  WHICH HEAD IS APPLICABLE.

PLEASE CLARIFY

REGARDS

S. RAVICHANDRAN

0 Reply Share Follow
On 07 March 2018 at 18:39 Report
Replies (1)
User Avatar

Ur friend
752 Points Posted on 07 March 2018
Advance received during the course of business for supply of goods and subsequently written off in the books of account will be taxable under the head of profit and gains of business or profession as per section 28.
Reason being advanced amount received during the course og business.
But I want to know, Why did you transferred the advance amount to P& L A/C?
Reply
On 07 March 2018 at 19:18

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. REGARDING HSN CODE FOR WASHING JOB CHARGES
  2. Advance Tax Due Date 2026
  3. Query – Interest on Capital Received by Part
  4. Query - Section 164(2)(a) – Interpretation o
  5. Submission for Expert Opinion on Rectification of
  6. NRI since March 2023 – resident savings acco
  7. My All-Time Top 15 Indian Web Series
  8. Wrong date of invoice
  9. Paper 6 - IBS
  10. Chhath Puja 2026 Dates Timing Tithi

More recent discussions | Post

Related Topics :

Loading

Latest Job Openings

View all
Company
11 August 2026
Manager / Senior Manager - Statutory Audit

CommerceCareer

New Delhi

CA

View Details
Company
21 August 2026
Finance Manager

Resollect Technologies Pvt Ltd

Mumbai

CA

View Details
Company
14 August 2026
Article Assistant CA Articleship

Eshwar & Co Chartered Accountants - Nungambakkam

Chennai

CA Inter

View Details
Company
04 September 2026
CA inter Or ca finalist

A Jaiswal and company

Lucknow

CA Final

View Details
Company
ARTICLESHIP 29 August 2026
Article Assistant

RRPM & ASSOCIATES LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 04 September 2026
Accounts Executive

Hema Yashwanth & Associates

Chennai

B.Com

View Details
Company
ARTICLESHIP 17 August 2026
Article Assistant

K R Kiran Kumar & Associates

Bengaluru

CA Inter

View Details
Company
27 August 2026
ACCOUNTANT

CHARUPREETI & CO

Noida

Graduate (Any)

View Details