SMART Notes ACCA P6 2015 40 pages

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ACCA P6
Advance Taxation

SMART COMPENDIUM
NOTES
For Exams in June & December 2015

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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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