Taxation of Interest Income: Estimating Indirect Expenditure When Specific Costs Are Unclear for Fair Tax Assessment.

Taxation of Interest Income: Estimating Indirect Expenditure When Specific Costs Are Unclear for Fair Tax Assessment. https://www.taxtmi.com/highlights?id=65370 Claim of Expenditure at the rate of 7.5% of the interest income - Admittedly, there is no specific expenditure incurred to earn the interest income. However, incurring of sum indirect expenditure cannot be ruled out. It is trite law that what can be taxed is only real income not hypothetical income, when the specific expenditure cannot be identified, it is appropriate to estimate certain amount of expenditure. - AT en-us Wed, 31 Aug 2022 07:02:15 +0530 Wed, 31 Aug 2022 07:02:15 +0530 TaxTMI RSS Generator Taxation of Interest Income: Estimating Indirect Expenditure When Specific Costs Are Unclear for Fair Tax Assessment. https://www.taxtmi.com/highlights?id=65370 Claim of Expenditure at the rate of 7.5% of the interest income - Admittedly, there is no specific expenditure incurred to earn the interest income. However, incurring of sum indirect expenditure cannot be ruled out. It is trite law that what can be taxed is only real income not hypothetical income, when the specific expenditure cannot be identified, it is appropriate to estimate certain amount of expenditure. - AT Highlights Income Tax Wed, 31 Aug 2022 07:02:15 +0530 https://www.taxtmi.com/highlights?id=65370