https://www.taxtmi.com/article/detailed?id=679 The TAR obligation turns on total sales, turnover or gross receipts, which for TAR purposes means receipts of a revenue nature recorded in P&L account. Capital receipts - capital introduced, loans taken, repayments or refunds of advances - are excluded. For money lenders, revenue receipts such as interest, discounts, finance charges and penalties constitute gross receipts; advances and their repayments do not. Ejusdem generis supports restricting "gross receipts" to items of the same kind as sales/turnover. A high court decision considered only reasonable cause for penalty and left the substantive definition of "gross receipts" in money lending open. en-us Sat, 13 Feb 2010 00:00:00 +0530 Sat, 13 Feb 2010 12:40:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=679 The TAR obligation turns on total sales, turnover or gross receipts, which for TAR purposes means receipts of a revenue nature recorded in P&L account. Capital receipts - capital introduced, loans taken, repayments or refunds of advances - are excluded. For money lenders, revenue receipts such as interest, discounts, finance charges and penalties constitute gross receipts; advances and their repayments do not. Ejusdem generis supports restricting "gross receipts" to items of the same kind as sales/turnover. A high court decision considered only reasonable cause for penalty and left the substantive definition of "gross receipts" in money lending open. Articles Income Tax Sat, 13 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=679