Answer:
(i) Income can be received at a periodical basis whether daily, weekly, monthly or yearly
(ii) Income can be taxed at receipt or accrual basis Advertisement
(iii) Income tax law does not distinguish between legal or illegal income
(iv) Income can be received on temporary or permanent basis (v) Income received when in lump sum or in installment basis will be held liable to tax.
(vi) Under Income Tax Act, Income includes revenue or capital gains and even includes losses.
Explanation:
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Answers & Comments
Answer:
(i) Income can be received at a periodical basis whether daily, weekly, monthly or yearly
(ii) Income can be taxed at receipt or accrual basis Advertisement
(iii) Income tax law does not distinguish between legal or illegal income
(iv) Income can be received on temporary or permanent basis (v) Income received when in lump sum or in installment basis will be held liable to tax.
(vi) Under Income Tax Act, Income includes revenue or capital gains and even includes losses.
Explanation:
Answer:
hi how are u ;) Pehchana yeh bhul gaye -,-