Questions & Answers On: real income theory of taxation
| Real Income Theory Of Taxation | |
|---|---|
| Subject: | Real Income Theory Of Taxation |
| Category: | Income Tax |
| Asked by: | Prashant Joshi |
| Answered by: | Advocate Michael Gonsalves |
| Tags: | real income theory of taxation |
| Date: | September 26, 2018 |
| Excerpt of answer: | The charge is not on gross receipts but on profits and gains properly so called. Gross receipts or sale proceeds, however, include profits. The word “profits” in section 28 should be understood in normal and proper sense. However, subject to special requirements of the income-tax, profits have got to be assessed provided they are real profits |