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Income Tax - Highlights / Catch Notes

Home Highlights October 2020 Year 2020 This

Subsidy received under TUFS - Income chargeable to tax - The ...

Income Tax

October 5, 2020

Subsidy received under TUFS - Income chargeable to tax - The receipt does not become taxable, merely because it was erroneously offered to tax by the assessee in the return of income. The department is entitled to collect only legitimate tax that are due from the assessee. - assessed income could go below the returned income. - AT

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