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INCOME FROM BUSINESS and Un-Admissible Deductions

INCOME FROM BUSINESS and Un-Admissible Deductions Question: Define income from business?  What expenses are not admissible for tax purpose under the head business OR explain un-admissible deductions under the head income from business? Answer: Income from business-section-18         Income from business is a 3rd source of income from which a person can derive income. Income from business is chargeable to …

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Commissioner Inland Revenue – its powers and functions

Commissioner Inland Revenue – Powers and Functions Question: Define “Commissioner Inland Revenue”; explain its powers and functions in detail. Answer: Commissioner Inland Revenue A person appointed officially for a particular zone to supervise the collection of taxes, including income tax, capital gains tax and corporation tax. Commissioner Inland Revenue has a very important place in income tax department. He has both executive and judicial powers. He oversees the performance …

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