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Advance money forfeited Sec. 56(2)(ix)

Income Tax - Income from Other Sources - 06 - SEC 56(2)(ix) - ADVANCE MONEY FORFEITED Section 56(2)(ix) has been added by Finance Act, 2014 which states: Any sum of money received as an advance or oth .....

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f seller as Income from other sources. Notes: The amendment is effective from AY 2015-16 i.e. Previous year starting from 01-04-2014 Any advance or other money forfeited before 01-04-2014 shall be dea .....

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