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

Imprest Money for Client Expenses Not Taxable Income for Fiduciary Entity, Per Professional Advances Handling Guidelines.

May 3, 2016

Case Laws     Income Tax     AT

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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