Deductions from Total Income, Gift Aid and Personal Pension Contributions – ACCA TX Exam FA2019
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M
marina·
Hello and I have a question to ex. 13:
If ANI = Net income - Gross Personal Contrib. - Gross Gift
Then, why dont we do this:
Net Income 53.000 - Gross Gift 2.000 = TO ARRIVE TO Net Income 51.000 ?
I assume that because the Total Income is less than 100.000, no ANI is needed.
But at the same time the formula says: ANI = Net income - Gross Personal Contrib. - Gross Gift
If ANI = Net income - Gross Personal Contrib. - Gross Gift
Then, why dont we do this:
Net Income 53.000 - Gross Gift 2.000 = TO ARRIVE TO Net Income 51.000 ?
I assume that because the Total Income is less than 100.000, no ANI is needed.
But at the same time the formula says: ANI = Net income - Gross Personal Contrib. - Gross Gift