WebMar 10, 2011 · Whether the waiver of a loan is taxable as income or not depends on the purpose for which the loan was taken. If the loan was taken for acquiring a capital asset, the waiver thereof would not amount to any income exigible to tax u/s 28 (iv) or 41 (1). On the other hand, if the loan was taken for a trading purpose and was treated as such from ... WebMay 29, 2024 · CIT [1948] 16 ITR 183 (Bom.) (HC), it was held that “once the Income-tax department accepts the mercantile system of accounts keeping and taxes an assessee on the accrual and not on the payment basis the department is not concerned as to how the liability incurred by the assessee is in fact discharged. He may discharge that liability by ...
Presumptive Taxation for Business and Profession - ClearTax
WebAug 17, 2024 · Businesses use capital receipts for several purposes, such as meeting capital expenditure, clearing debts, buying assets,s and more. On the contrary, revenue … WebApr 11, 2024 · Capital receipts are funds received by a business which are not revenue in nature & lead to an overall increase in the total capital of a company. These are funds generated from non-operating activities of a … otm rapper
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WebFeb 9, 2024 · There are various judgements of the Hon’ble Courts both in favor and against as regards taxation of the amount received by the partners on their retirement. The Finance Bill, 2024 (“FB2024”) has proposed striking ‘retroactive’ amendments in the provisions of S. 45 (4) of Income tax Act 1961 (“ITA”), with the intent to put these ... WebDec 12, 2024 · Per the White House's projections, income taxes are slated to contribute $2.35 trillion. Another $1.59 trillion will come from payroll taxes. This includes $1.10 trillion for Social Security, $342 billion for … WebThe partnership must report your beginning capital account and ending capital account for the year using the Tax Basis Method, including the amount of capital you contributed to … rocks changed by intense heat or pressure