10 Questions
What is the primary condition for a person to be eligible for capital allowance?
The person is carrying on a business
What is the purpose of capital allowance?
To provide concessions to businesses
What is the nature of capital allowance?
A concession given by the government
Who benefits from capital allowance?
A person carrying on a business
What is the underlying principle of capital allowance?
To provide an advantage to businesses
What is the relationship between capital allowance and business?
Capital allowance is a concession granted to businesses
What is the main requirement for a person to be eligible for capital allowance?
The person must be carrying on a business
What is the nature of the deductions provided by capital allowance?
Concessional deductions
What is the significance of capital allowance in the context of taxation?
It is a way of reducing tax liability
Why are capital allowances granted to businesses?
As a form of incentive
Test your understanding of capital allowances and business deductions, including the concessions available to individuals carrying on a business. Learn about the deductions available and how they can benefit your business.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
