(i) The receipt must not create a liability for the government. For example, taxes levied by the government are revenue receipts as they do not create any liability. However, any amount, borrowed by the government, is not a revenue receipt as it causes an increase in Satisfies both the C...
So, a receipt is termed as revenue, if it fulfills the two basic conditions: No liability – The receipt cannot create a liability for the business. Any kind of borrowing/loan is not a revenue receipt. No reduction in assets – The receipt must not cause any decrease in the assets of ...
In 1995, JLP adopted a tax-saving scheme proposed by a Dutch bank on terms that provided that the bank should receive a fee if the Revenue did not successfully challenge the scheme. JLP treated the receipt as capital and claimed roll-over relief on its reinvestment in opening new stores ...
The Revenue refused the claim, contending that the receipt was income rather than capital. JLP appealed against the inclusion of the amount in its corporation tax assessment for the accounting period ended January 31, 1996. 展开 年份: 2001 ...
Source: Internal Revenue Service89 Short-Term vs. Long-Term Capital Gains Capital gains come in two variations: short-term and long-term. Short-term capital gains are imposed on assets held for one year or less. Conversely,long-term capital gainsare taxed at acapital gains rate, which is ...
red ink,red,loss-theamountbywhichthecostof abusinessexceedsitsrevenue;"thecompanyoperatedat alosslastyear";"thecompanyoperatedintheredlastyear" paper profit- anunrealizedgainon aninvestmentcalculatedbysubtractingtheinvestor'scostfromthecurrentmarketprice ...
Over the course of the whole tax year, June 2023 had the largest inheritance tax receipt at £795m, with October 2023 coming to £691m and then March 2024 at £676m. The lowest figure during the period was December 2023, which came to £547m. ...
It specifies the Bank's basic management requirements and policy baselines for standardising the collaterals, such as requirements for eligible collaterals, classification, pledge and mortgage rate, receipt and examination, value assessment, establishment and modification of rights, warrant management, ...
This is because stocks are mainly bought and sold to generate revenue. On the other hand, an asset is bought with the intention of holding for a longer period as an investment to appreciate the capital invested. Holding Period for Long Term Capital Gain Tax Capital Asset Period of holding ...
The quantities below the basic value in each case are the additive corrections. The use of the correct rather than 1/n in the computation of income tax requirements is not a trivial distinction. The revenue requirements for income tax may differ by several percentage points for different methods...