5 Questions
What is income tax?
Income tax is a tax on a person's income, not on transactions or things.
Why is it important to know the definition of income for tax purposes?
It is important to know the definition of income for tax purposes because income tax is levied on the 'income' of an entity.
How is 'income' classified for tax purposes?
'Income' is classified for tax purposes according to the Income Tax Act, Chapter 323 of the Laws of Zambia. Section 17 of the Act includes gains or profits from any business, emoluments, annuities, and dividends in the definition of 'income'.
What are emoluments?
Emoluments are salaries, fees, or profits from employment or office.
What are dividends?
Dividends are distributions of a company's profits to its shareholders.
Test your knowledge on the definition of income for tax purposes with this quiz. Explore the different meanings of income and understand its significance in relation to income tax.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
