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18 IBM 305TAXATION K1 LEVEL QUESTIONS UNIT I 1. ___The tax ISA) National income b) domestic income c) per capita income d) both And B. Direct Tax is getting from_2.a)customer b) buyer c) employees

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Gather all necessary financial documents such as income statements, balance sheets, and cash flow statements

02

Calculate the taxable income by subtracting allowable deductions from total income

03

Determine the tax rate applicable to your income bracket

04

Fill out the tax return form accurately with the calculated taxable income and tax rate

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Who needs tax capacity and growth?

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Individuals who earn income subject to taxation

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Businesses that have taxable income

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What is tax capacity and growth?

Tax capacity refers to the maximum amount of tax revenue that can be generated from a given tax base, while tax growth refers to the increase in tax revenue over time.

Who is required to file tax capacity and growth?

All individuals and businesses that have a taxable income or property are required to file tax capacity and growth.

How to fill out tax capacity and growth?

Tax capacity and growth can be filled out by completing the necessary forms provided by the tax authority and submitting them along with any required documentation.

What is the purpose of tax capacity and growth?

The purpose of tax capacity and growth is to determine the appropriate amount of tax revenue that can be generated to fund government services and programs.

What information must be reported on tax capacity and growth?

Tax capacity and growth requires reporting of income, expenses, assets, liabilities, and other financial information that is relevant to determining tax liability.

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