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Section 5 of the Income Tax Act 1967 describes the ascertainment of chargeable income. Describe the...

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Accounting

Section 5 of the Income Tax Act 1967 describes the ascertainmentof chargeable income. Describe the steps that are used to ascertainthe chargeable income of a taxpayer. (Pleaseshow the format of computing the chargeable income aswell)

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Manner in which chargeble income is to be ascertained Section 5 1 Subject to this Actthe chargeable income of a person upon which tax is chargeable for a year of assessment shall be ascertained in the following manner Firstlythe basis period for each of his sources for that year shall be ascertained in accordance with Chapter 2 of part III Nexthis gross income from    See Answer
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