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How to treat interest received from Government stocks in income tax calculation?
for example (in pilot Q paper 2006 Q1) interest received from govt stocks is 1900 and it is taken as 7310 in income tax computation. So what calculations r required for this item or shall we take the same amount! (i.e 1900)
Hi anam interest received from government stocks is received gross so it is quite simply the 1900 to be included in the income tax computation. This figure IS shown in the answer – the figure of 7310 is the property income assessment!!!! If you are looking at the ACCA website for the past exams then STOP as these have not been updated for changes in legislation! You need to acquire an exam / revision kit updated for FA 2012.
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