assessable profit meaning

These taxes vary, in common parlance, from Income Tax to Sales Tax to Value Added tax to Goods and Services Tax these days (if you live in India). Assessable Profits . book costs are considered. The Assessable Profits (or Adjusted Loss) are the net profits (or loss) [other than profits (or loss) arising from the sale of capital assets] for the basis period, arising in or derived from Hong Kong, calculated in accordance with the provisions of Part IV of the I.R.O. Profit sharing money paid to workers by the employer from a non-registered plan Room and board (i.e., the actual/fair market value of accommodation and meals). Profit definition is - a valuable return : gain. businessmen, accountant, workers, tax collectors, economist etc. What does assessable mean? The total amount is referred to as assessable income (or total income). Able to be assessed. Gross income doesn't include goods and services tax (GST). When you earn, you have to pay taxes to the government of the country you live in. (adjective) Heavy taxation, aggravated by unequal distribution of the burden, owing to insufficient survey of the assessable property, has also contributed to the decline of this and other branches of Spanish farming. For an accountant, profit means the excess of revenues over expenses, which is known as Accounting profit.At the time of computing accounting profit, only explicit costs, i.e. assessable income meaning: 1. the amount of money that is considered when calculating tax payments 2. the amount of money that…. Accessible definition is - capable of being reached; also : being within reach. If you are carrying on a business, most income you receive is assessable for income tax purposes. Here is an example; Company ABC which is into supplies of chemical equipments reported an adjusted (assessable) profit of N8,000,000. Meaning that tax must be paid on at least one-third of the assessable profit. As adjectives the difference between accessible and assessable is that accessible is easy of access or approach; approachable while assessable is able to be assessed. How to use profit in a sentence. Assessable income for business. The meaning of profit is different to different persons, i.e. Learn more. When calculating your business's assessable income, include: all gross income (before tax) from your everyday business activities, including sales made over the internet, income from sales (cash and electronic) and foreign income. "adjusted profit" means adjusted profit for the purpose of section 9 of this Act; "assessable profits" means assessable profits for the purpose of section 9 of this Act; "assessable tax" means assessable tax ascertained under section 21 of this Act; "Board" means the Federal Board of Inland Revenue established and constituted in How to use accessible in a sentence. Assessable profit is the profits from all sources in the year immediately preceding the year of assessment. However, your accounting method may affect which amounts must be included in …

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