Hi,
ABC Ltd is real estate company, company has forfeit some booking advances, my query is forfeited income will be taxable under PGBP or IFOS?
Menu
Forefeited Income will be Business Income or IFOS?
Replies (4)
Yes, it is taxable under Income from other sources.
Since it is incidental and arising directly out of its real estate builder business and it's a regular happening in the builder line business,
Such forefeited amount will be under business income.
Such forefeited amount will be under business income.
Thanks for reply
@ Mr Kapadia Pravin, if it will be taxable under PGBP, there will be no deduction allow against this forfeiture income, right?
@ Mr Kapadia Pravin, if it will be taxable under PGBP, there will be no deduction allow against this forfeiture income, right?
Expenses can be claim under PGBP
Recent Topic
- PF withdrawal and tax liability
- Sale of Goods or Services?
- ITR form query
- Credit against paud RCM on rent
- Dividend difference in 26AS, AIS, TIS
- 194JB INCOME
- Filing ITR3 where income under section 44AD with L
- What is superannuation fund
- GST Refund of input services under Inverted Duty S
- Dividend Reporting
Related Topics
CAclubindia
