quasi capital

This query is : Resolved 

27 June 2009

what is quasi capital. what level it can be treated as owned fund by financial institution of proprietorship concern, partnership, public and pvt ltd compnay

27 June 2009

income tax is chargeable on income which may be actual or deemed as law prescribe, instead of profit. income is divided in five sources, income from house salary, house property, business and profession, capital gain and other sources. Profit is calculate after subtracting of expenditure from revenue but income tax is chargeable on income. there are some income which has expenditure relation to it, but for calculating taxable income, expenditure does not deduct from revenue. therefore taxable income will be that which prescribe by law whether it is revenue receipt or capital receipt.

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