Income tax computation Proforma
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Thank you open tuition and Mr. Tutor.
It is Very helpful lecture for me.
I have one query…
Personal Allowance is available only to individual or/and company also .
And personal Allowance is available only to non saving income or/and saving and other also available.
Once again thank you
PA is available on total income and capital allowances are for unincorporated traders/ corp tax and not income tax. It replaces depreciation.
from where he get th Personal Allowance amounted 11,000 ??
Please see the Introduction line 7 at page 5 in the lecture note.
I am sitting P6 and this basic stuff explained so easily makes my life so much better . Thank you a lot Mr Tutor 馃檪 ! and Opentuition !
why must we deduct Bank deposit interest at the end? 馃檨
Less tax deducted @ source:
Bank deposit interest 10,000 @ 20% = (2,000)
I gotten tax payable of 5000 instead of 3000 in example 2
Great lectures! Really easy to understand his lectures! Thank you so much sir iv passed my f6 exam this time solely studying through your lectures! 馃檪
Hi
At the end of the video, the tutor says that tax payable is 2,000. Tax liability sums up to 5000 less Interest at source of 2000. Tax payable should be 3000 not 2000 right?
yes, i was just wondering the same . he must have made a mistake. it should be 3000
yup i too came up with the same issue
yes it has to be 3000 as our tax payable
. 15/16 INCOME LESS OF 拢100,000 ..allowance 拢10600……Even born bfore06/Ap/38.
This person ‘s income was 拢50,000.
. Income less of 拢27,700……allowance 拢10660… born after 06/Ap/38… if more, as above
. 拢100,000< any amount <拢121,200…拢10600 split 拢1 per each 拢2 of exceed on 拢100000
@AccaGirl He used the Personal allowance as 10,600 because the Personal Allowance for the tax year 2015/16 is 10,600. You can also refer this in Page no. 5 on opentuition notes
so what exactly is the purpose behind grossing these amounts? I don’t get the concept behind notional interest..
oh yes! is it because they are received net?
kindly tell me the concept of saving income first 5000 in this example
O% rate of Savings Income rule will apply where savings income falls within the first 拢5,000 of taxable income…..For example: if you have only 拢3,000 as your bank interest income & there are no non-savings income, on that case you don’t need to pay any taxes (0%)
You guys are doing a great job. Plenty thanks. Please are these the current tax rates?
Yes absolutely these are fresh rates and allowances.good luck
Please, why did he use a personal allowance of 10,600 instead of 10,000?
I’m referring to example one
Because, according to Finance Act 2015, personal allowance is 10,600.
From Finance Act 2014 to Finance Act 2015 the rate has changed.