Indicate which of the following taxpayers will qualify for the primary rebate:Companies(9)(ii) Natural persons(!)i)(iv) Close corporations(iii) Trusts(v) All of the above()

Answered: Indicate which of the following…

Indicate which of the following taxpayers will qualify for the primary rebate: (i) Companies (ii) Natural persons (ii) (ii) (iii) Trusts (iv) (iv) Close corporations (v) (v) All of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Indicate which of the following taxpayers will qualify for the primary rebate:
Companies
(9)
(ii) Natural persons
(!)
i)
(iv) Close corporations
(iii) Trusts
(v) All of the above
()

Expert Solution

Step 1

solution :

correct answer is option (ii) Natural Persons

concept:

as per the income tax provision , we can note :

primary rebate is applicable to all natural perosns

secondary rebate is applicable to taxpayer who is 65 year or above 65 years

tertiary rebate is applicable to person who is 75 or above 75 years of age

Hence the correct answer is option (ii) Natural Persons

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