income tax
Ashu Pandey (1 Points)
17 November 2018
"Income tax is charged on income and not on receipt". Explain.
1 Replies
S M Raja
(Article Assistant )
(165 Points)
Replied 17 November 2018
All receipts are need not to be a income it can be a loan, deposit, advance, gift, etc
All incomes are need not be a receipt it can be a book adjustment, accrued income, deemed income etc too
now you may able to understand the sentence
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