Advance is taxable in the year of receipt

Vivek Jalan , Last updated: 13 December 2024  
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In the case of a works contractor, an AMC provider, or another service provider, collection of the entire year's charges is done one go in advance. The amount is many a time recorded as "current liability" in the balance sheet as "income received in advance." The question for income tax purposes is

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Vivek Jalan
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Category Income Tax   Report

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