Advance for purchase of land
Bharath Gowda (3 Points)
30 November 2021
how to treat advance paid for purchase of land
3 Replies
anil kumar
(4 Points)
Replied 30 November 2021
Thats just an advance
so normally we have to pass advance receipt entry
so normally we have to pass advance receipt entry
Bharath Gowda
(3 Points)
Replied 30 November 2021
When an assesse filing IT under presumptive income how to treat for income tax purpose
sabyasachi mukherjee
(27837 Points)
Replied 30 November 2021
Since property is not yet transferred as a result of the fact it's not an asset. Normal advance entry is passed.
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