Page 25 - F6 Slide - Taxation - Lecture Day 2 Class

Exempt Income

• What is income?

• Gross income – Exempt income=income.(Silk

page 84).

• Exempt income is simply the gross income that is

not subject to normal tax.

• Why are exemptions granted:

a)Special character of the taxpayer.

b)Special nature of the income.

c)Prevent income from being taxed twice.

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