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Give the definition of the following term: Statutory Income.

Question:

Give the definition of the following term: Statutory Income.

Assessable Income:

Assessable income is the earnings by an individual/business entity. The income is taxable when it surpasses the threshold limit of income which is tax-free. The assessable income comprises ordinary and statutory income.

Answer and Explanation: 1

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Statutory income is a part of assessable income. Statutory income is income other than ordinary income. Ordinary income is earned by providing...

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How to Calculate Corporate Taxable Financial Income

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Chapter 8 / Lesson 2
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Discover how to calculate the corporate taxable financial income for a business. Examine what corporate taxable income is, review gross income, view expenses and deductions, explore specially treated items, and see the relationship to accounting.


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