Get premium membership and access questions with answers, video lessons as well as revision papers.

Explain the following (a)concept of residence for Incorporated entities (b)deductions allowed against rental income

      

Explain the following (a)concept of residence for Incorporated entities (b)deductions allowed against rental income

  

Answers


Onami
a)
Entity treated by the jurisdiction, in which it
is registered or incorporated or conducts its
business, as resident for exchange control
and/or tax purposes.


b)
This includes rent of the
premises, maintenance, furniture and
fittings. Rental income is subject to income
tax. This means that any profit or net
amount left once you have added together
your rental income and deducted any
allowable expenses is taxable.
wayland answered the question on October 28, 2017 at 06:00


Next: Differentiate between Oxidation number and valency
Previous: State and explain the principles of financial accounting

View More Accounting Questions and Answers | Return to Questions Index


Learn High School English on YouTube

Related Questions