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250 Words

  7 Pages 1805 Words

 The income tax and is levied on the taxable value

Referencing Styles : Harvard

Case 1: cash prize received by studentCash prizes paid off in one lump sum is to be treated as ordinary income only if:a)    There is more than one paymentb)    Such receipt is for services rendered directly or indirectlyc)    Such prize is not for meeting living expenses, to meet the expenses of fees, books etc.Youth allowance received by the student from government forms part of ordinary income of student. Case 2: Gratuity received by widowThe amoun ...

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