Chapter - 7 Introduction to Regular Income Tax (October 7, 2023)

Chapter - 7 Introduction to Regular Income Tax
The scope of regular income tax
Features of the regular income tax
The concept of inclusion and exclusion of Gross Income
The types of Gross Income subject to regular income tax
The concept of deduction compared to personal exemption
Measurement of gross income from employment and business and the treatment of other income
The concept of operating income or revenue and the difference in tax presentation of individuals and corporate taxpayers
The procedural computation of taxable income of corporations and different individual taxpayers
The computation of the regular tax for individuals and corporations
The deadline of the regular tax returns
Applicability of the quarterly filing and its deadlines