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Is advance receipt is taxable

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(Querist)
06 July 2023 For any advance received , is income taxable.
and for the advance received whether invoice can be issued.
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Dhirajlal Rambhia online

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Dhirajlal Rambhia online (Expert)
06 July 2023 No. Advance received is not taxable till it gets adjusted against any invoice.
Only advance payment receipt is issued.

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