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Discuss the scope of regular income tax

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Question -

1) Discuss the scope of regular income tax and its relation to the rules on final tax and capital gains tax.

2) What is the difference in the computation of taxable income of an individual earning purely compensation income and an individual earning purely income from business or practice of profession, if any?

3) Discuss how the taxable income of the following is determined: (a) corporate taxpayer; (b) Purely compensation earner; (c) purely business or professional income earner; and (d) mixed income earner.

4) Distinguish the concept in computing the gross income of a business selling goods and the gross income of a business rendering services.

Reference no: EM132977929

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