Submitting the Annual Taxable Return (ATR) entails detail taxable income computation showing clearly what are the taxable incomes and what are the deductible expenditures of a business. It also involves the reconciliation of the Audited Financial Statement to the ATR to be in line with the provisions of the Income Tax Act 1967.
Gaining knowledge of what income is taxable, what expenses in deductible from the taxable income in the income tax computation and how does capital and balancing allowance and charge from IRB works, is always important in the business operation planning. Hence Taxable knowledge will forever be an extreme asset and vital aspects to one’s career, business and organization success. It is a “NEED TO KNOW” subject matter.