Income Tax Summary Notes

S 3 5 itaa financial tax year 1 july to 30 june.

Income tax summary notes. Income of a person is classified into 5 categories. Ss 4 10 1 995 1 itaa 97 tax payable taxable income x tax rate tax offsets. Income under the head house property. Income tax for cs exam deember 2013.

Sec 6 5 and sec 15 2 of itaa97 ordinary income is income according to ordinary concepts and is assessable under the s6 5 income tax assessment act 1997 income according to ordinary concepts gains require characterization by courts to determine if the gain has incomecharacter e g. Income tax short notes. Thus income belonging to a particular category is taxed under a separate head of income pertaining to that category. Jordan cj in scott v commissioner of taxation 1935.

Section 22 of the act provides that the annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner other than such portions of such property as he may occupy for the purposes of any business or profession carried on by him the profits of which are chargeable to income tax shall. S 4 10 itaa 97. Tax rates surcharge and marginal releif section description and conclusion tax individual senior super senior domestic foreign co rates and other citizen citizen compony compony operative 60year 80year firm local society 80year autohority inco rate inco rate inco rate income rates inco rate inco rate me s me s me s all 30 me s me s 0 2 5 nil 0 3 nil income all 40. Notes 1 summary income taxation.

Box 20 on page tr 3 of your 2019 to 2020 tax return box 13 on page ai 1 of the additional information pages box 1 in the income tax losses section on page ai 3 of the. Jurisdiction to tax chapters 3 4 22 right to tax basics income tax payable each year. But you will not be able to use the working sheet if you have entries in. 3 w3 concepts of ordinary income legislation.

Section 14 of the.