Accountancy, asked by snehatangri, 9 months ago

1. Sukhbir started business with bank balance 70000
2. Taxes collected from the customers 15000
3. bank charges 1000
4. collected taxes deposited with the government 12000
5. income tax paid by cheque 9000
6. life insurance premium paid in cash 2000

Answers

Answered by hemishrashmiyya

Answer:

Tax on cash withdrawal is a form of advance taxation and is a strategy to keep tax evasion in check. This mode of tax collection is also called the presumptive tax regime. Globally, 3 countries are known to consider this approach namely, Pakistan, India[1] and Greece.[citation needed]

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