assessable profit meaning

book costs are considered. 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). businessmen, accountant, workers, tax collectors, economist etc. Assessable profit is the profits from all sources in the year immediately preceding the year of assessment. 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. If you are carrying on a business, most income you receive is assessable for income tax purposes. Gross income doesn't include goods and services tax (GST). Able to be assessed. However, your accounting method may affect which amounts must be included in … "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 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. assessable income meaning: 1. the amount of money that is considered when calculating tax payments 2. the amount of money that…. Assessable Profits . 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). Learn more. What does assessable mean? How to use profit in a sentence. (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. How to use accessible in a sentence. 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. Profit definition is - a valuable return : gain. Accessible definition is - capable of being reached; also : being within reach. Assessable income for business. When you earn, you have to pay taxes to the government of the country you live in. The total amount is referred to as assessable income (or total income). The meaning of profit is different to different persons, i.e. 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.

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