Statutory, Assessable and Chargeable Income
Statutory, assessable and chargeable income are 3 different definitions. Taxpayers need to know the difference between the 3 of them. Tax payable is only calculated on chargeable income. Statutory Income refers to all income (net of deductible expenses) less capital allowances. Statutory income = All income (net deductible expenses) - capital allowances Assessable [...]