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of <h1>Tax Rules Mandate Transparent Documentation for Informal Credit Instruments to Prevent Evasion and Ensure Financial Accountability</h1> Legal provisions addressing tax treatment of informal credit instruments reveal a strategic approach to preventing tax evasion. The legislative framework encompasses transactions through hundis and negotiable instruments, mandating account payee cheque documentation to ensure financial transparency. By deeming unrecorded transactions as income and preventing double taxation, these provisions aim to formalize financial practices and enhance tax compliance, reflecting an adaptive regulatory strategy in tracking informal economic exchanges.
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