SMART Notes ACCA P6 2015 40 pages

30111 WordsMay 18, 2015121 Pages
ACCA P6 Advance Taxation SMART COMPENDIUM NOTES For Exams in June & December 2015 Syllabus Coverage 100% Marks Oriented (Exam Focused) Authenticity (Reviewed by top tutors) 40 Relevant (ICAEW, ACCA F6&P6) Time Saving: (Just on 40 pages) Pages only AZIZ UR REHMAN (ACCA) Contact: Mob: +923327670806 Emaiil: azizurrehman89@hotmail.com Contact: +923327670806 azizurrehman89@hotmail.com ACCA P6 (ADVANCE TAXATION) CONTENTS Chapter 1 Income tax computation, Trust income, Tax Reducer & Pension Chapter 2 Property & Investment income Chapter 3 Employment income Chapter 4 National Insurance Contribution Chapter 5 Income from self-employment Chapter 6 Capital allowances Chapter 7 Basis period Chapter 8 Trading losses Chapter…show more content…
Interest received is Gross & Taxable • Individual saving account (ISA) • National saving and investment bank A/c • National saving and investment certificates • Government securities and Debentures of listed companies Dividend Income: Dividend income must be gross up as follows: (Dividend received X 100/90) 2 SKANS School of Accountancy Peshawar Contact: +923327670806 azizurrehman89@hotmail.com 2 ACCA P6 (ADVANCE TAXATION) INCOME TAX PERFORMA Mr. A Income Tax computation 2014/15 Trading income Employment income Property income Interest income (gross) (100/80) Dividend income (gross) (100/90) Income from discretionary trust Gross income= Net X 100/50 Income from interest in possession trust. Paid from non-saving income Gross income= Net X 100/80 Paid from saving income Gross income= Net X 100/80 Paid from dividend income Gross income= Net X 100/90 Total Income Less: Reliefs (See Note 1) Net Income Less: Personal Allowance (See Note 2) Taxable Income Calculation of income tax liability: (See Note 3 & 4) Other Income X Tax rate of other income Saving income X tax rate of saving income Dividend income X tax rate of dividend income Tax Liability Less: Tax Reducer (See later in this chapter) Less: Tax Deducted At Source Interest Income @ 20 % Dividend Income @ 10% PAYE Trust (10%, 20%, 50%) Income Tax Payable OTHER INCOME XX XX XX SAVING DIVIDENDS XX XX XX XX XX XX (1) XX (1) XX XX (2) XX (2) XX XX XX (3) XX (3)

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