Advance Payments Not Taxable Until Contract Fulfillment: Income Tax Case Law Clarifies Timing for Assessment.

Advance Payments Not Taxable Until Contract Fulfillment: Income Tax Case Law Clarifies Timing for Assessment. https://www.taxtmi.com/highlights?id=24653 Accrual of income - it was received only as advance for performing projects in future. Advances received cannot be assessed in the year of receipt but has to be assessed in the year of performing contract - AT en-us Thu, 10 Sep 2015 08:42:13 +0530 Thu, 10 Sep 2015 08:42:13 +0530 TaxTMI RSS Generator Advance Payments Not Taxable Until Contract Fulfillment: Income Tax Case Law Clarifies Timing for Assessment. https://www.taxtmi.com/highlights?id=24653 Accrual of income - it was received only as advance for performing projects in future. Advances received cannot be assessed in the year of receipt but has to be assessed in the year of performing contract - AT Highlights Income Tax Thu, 10 Sep 2015 08:42:13 +0530 https://www.taxtmi.com/highlights?id=24653