A supplier received advance money rs. 25000 from recipient, but after that due to some dispute in the terms of the contract the advance money was forfeited by the supplier.
Is there any compliance on part of the supplier, regarding the money which he forfeited??
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Advance received from party forfeited.
Replies (1)
As per income tax, the rs. 25000 will be taxable as income from business/profession. So it should be accounted by the supplier as income.
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