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More Commerce Questions
Statement (I): If the tax liability has been reduced within the legal framework, it is tax planning. Statement (II): If tax liability has been reduced to get benefit of deduction available under the income tax, it is called tax evasion. In the context of the above two statements, which one of the following is correct?
A and B are partners sharing profits in the ratio of 3 : 2. Their books showed goodwill at Rs. 3,000. C is admitted with $${\frac{1}{4}^{{\text{th}}}}$$ share of profit and brings Rs. 10,000 as his capital. But, he is not able to bring in cash for his share of goodwill Rs. 3,000. How will you treat this?
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What is the maximum term given for publishing electronic obscene information?