Tax determination where tax-exempt income included: deduction of tax equal to average-rate tax on such income. Where total income includes amounts on which no income tax is payable, the assessee is entitled to a deduction from the income tax chargeable on total ... Summary
Tax determination where tax-exempt income included: deduction of tax equal to average-rate tax on such income.
Where total income includes amounts on which no income tax is payable, the assessee is entitled to a deduction from the income tax chargeable on total income equal to the tax calculated at the average rate of income tax on the income on which no income tax is payable.
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