Dont uplode any image in answer Telson (Pty) Ltd received income from a foreign source amounting to R 220 000. This amount was subject to foreign tax amounting to R 13 000. Telson (Pty) Ltd received a net amount of R 207 000 in its bank account. In terms of gross income definition, the full amount of R 220 000 will be included in gross income. It therefore means that the amount will be subject to double tax.
Dont uplode any image in answer Telson (Pty) Ltd received income from a foreign source amounting to R 220 000. This amount was subject to foreign tax amounting to R 13 000. Telson (Pty) Ltd received a net amount of R 207 000 in its bank account. In terms of gross income definition, the full amount of R 220 000 will be included in gross income. It therefore means that the amount will be subject to double tax.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Dont uplode any image in answer
Telson (Pty) Ltd received income from a foreign source amounting to R 220 000. This amount was subject to foreign tax amounting to R 13 000. Telson (Pty) Ltd received a net amount of R 207 000 in its bank account. In terms of gross income definition, the full amount of R 220 000 will be included in gross income. It therefore means that the amount will be subject to double tax.
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