Anti-Avoidance Legislation

Because tax avoidance is a struggle but legislation and ingenious taxpayers on the other hand , legislature seeks through the introduction o...

TAX AVOIDANCE

The art of dodging tax without actually breaking the law or lawfully carrying out of taxation to missing tax liability. Tax avoidance is sai...

SET OFF OF TAXES

Here the deduction of amount of set off from tax due section 39 , any tax deducted as VAT or PAYE or which already borne by a trustee or dir...

RELIEF

Relief in Section 29 ,30 ,31 ,32 ,33(I.T.A).But subsequently the relief in section 31  and 32 were repealed so that we now  have personal re...

SECTION 16: DEDUCTIONS NOT ALLOWED

Takes two approaches: -Section 16(1) Allows specified deductions , which would otherwise not be allowed on     Condition that some other sec...

Interest on loans & dividends on shares by building societies

Section 15(2) allows deduction of dividends paid by building societies on deposits by members. Section 15(3) (a) On money  borrowed by the ...

Miscellaneous deductions

Paragraph G: The commissioner is allowed to allow deductions he considers just and reasonable representing the diminution of value of any im...

Deductions with respect of shipping companies

Paragraph 25-Ship owners who incur expenses on the purchase of new or used ship at rates of 40% provided only one shipping investment , dedu...

Deductions of capital expenditure on buildings and machinery

Mechanisms of investment encouraged under customs  and excise Act for people  to  build industries in  which they install machinery in build...

Investment Deductions/ Allowances

Paragraph 24 of schedule 2.It is essentially for the production of buildings and installation of machinery therein. For it to be deducted ,...

Deductions on capital expenditure on agricultural land

Allowed under paragraph 22 where expenses on construction of farm works on agricultural land for husbandry would be allowed deductions. Inc...

Deductions in respect of capital expenditure on mining activities

Allowed under Section 17  and is  available for mining business where expenditure  is incurred on the search , discovery and testing of mine...

Deductions in respect of capital expenditure on machinery

Allowed under paragraph 7 which is a depreciation allowance for wear and tear on machinery owned by TP and used by his business In dealing ...

Deductions in respect of capital expenditure on certain buildings

  Paragraph 1(1) 2 nd schedule allows taxpayer to deduct any expenses utilized by them on the construction of an industrial building to be...