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Income Tax - Highlights / Catch Notes

Home Highlights May 2016 Year 2016 This

Advance received in the nature of imprest money in the fiduciary ...

Income Tax

May 3, 2016

Advance received in the nature of imprest money in the fiduciary capacity for overseas client - amount of professional advances received by the assessee accepting money from its clients on account to meet expenses for and on behalf of its clients and appropriating fees as per bill received against the client, then, the amount of advance cannot be treated as income in the hands of the assessee - AT

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