Question

From where would you gather current information concerning assessable income and allowable deductions? Discuss in 100–120 words

Answer 1

Information for Assessable income can be gathered by below ways-

• Interest Income from the Bank Statement.
• Salaries/Wages from the Pay slips or the credit in the Bank statement.
• Business Income from the Profit & Loss.
• Rent Income if any property is given for rent,
• Dividends if any shares are Purchased.
• Commission if Sales are made.

Information for Allowable Dedeuction can be gathered by below ways-

• From all the invoices, receipt, Source Documents for all the work related expenses which includes expenses related to uniform , Laundry, business mobile & telephone costs, subscriptions and union fees.
• Education expenses for the self which increases his skills.