Arul Industries got waiver of value added tax (VAT) of ₹2,20,000 for the financial year 2015-16. The amount of waiver is —

CS Executive · Tax Laws and Practice · PYQS · December 2016
Arul Industries got waiver of value added tax (VAT) of ₹2,20,000 for the financial year 2015-16. The amount of waiver is —
(A) Exempt income
(B) Capital receipt
(C) Revenue receipt
(D) None of the above.

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: Income Tax

Open in Interactive Practice Hub · Full Practice Hub · Chapter Weightage · More in this subject

Related Questions in this Topic