With reference to relevant legislation / case law discuss whether the following receipts are assessable income? You need to provide reasons to justify your answers.
Answer
Sam received a scholarship of $3000 per year for educational purpose. Under the section 10(16) the scholarship for education is exempted from income tax except money spend to living purpose.
At the same time ,Sam received remuneration of $600 for part time service. Here exist the employee & employer relation.Therefore the income from part time work is taxable with standard deduction & other deductions.charging section is section 15.
With reference to relevant legislation / case law discuss whether the following receipts are assessable income?...
Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first summer job. Even though his parents are claiming him as a dependent he wants to file a return in order to get his refund. He receives his W-2 and decides he can do his own return using form 1040-EZ. Which of the following information is not found on a Form W-2? a) The taxpayer’s Social Security number b) The taxpayer’s wages, tips and other...