Chapter 4
Chapter 4
Contents
4.0 Aims and Objectives
4.1. Introduction
4.2. General
4.3. Determination of Taxable Business Income
4.3.1. Allowable Deductions
4.3.2. Non-Allowable Expenses
4.3.3. Computing Taxable Income
4.3.4. Tax Rate
4.3.5. Less Carry Forward
4.3.6. Transfer of Business Assets Introduction
4.4. Summary
4.5 Answer to Check Your Progress Exercise
When you have studied this section you should be able to:
- Determine taxable business income
- Identify allowable deductions and non-allowable expenditures
- Apply the Generally Accepted Accounting Principles applicable for the
purpose of tax accounting with regard to depreciation, stock, receivables and others.
- Assess business income tax
- Recognize treatment of loss carry forward
4.1 INTRODUCTION
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4.2 GENERAL
The current income tax proclamation and related regulations defined business as any
industrial, commercial, professional or vocational activity or any other activity recognized as
trade by the commercial code of Ethiopia and carried on by any person for profit. As
compared to the previous income tax rate, the current proclamation provides a reduced tax rate
on business income as a measure of the tax reform program in progress. The reduced tax rate is
believed to serve as an investment incentive.
For the purpose of payments of business income tax, tax payers are categorized into three,
namely category A, Category B, Category C. based on the volume of their sales for a tax year
and form of business. Subsequently, the Tax Authority will determine whether the tax payer
shall continue in the same category or his/her category be changed for the following tax year.
Category A includes any company incorporated under the laws of Ethiopia or in a foreign
country and other entities having annual turnover of Birr 500,000 and more. This group of tax
payers have to maintain all records and accounts which will enable them to submit a balance
sheet and profit and loss account disclosing the gross profit, general and administrative
expenses, depreciation, and provisions and reserves (together, with the supporting vouchers).
Category “B” unless already classified in category “A”, includes businesses having an annual
turnover of over Br 100,000. This category of taxpayers must submit profit and loss statement
at the end of the year. The law requires all entries in the records and accounts to be supported
by appropriate vouchers.
Category “C” unless already classified in categories “A” and “B” include those tax payers
whose annual turnover is estimated by the Tax Authority at Birr 100,000 or less.
Every businessman or body, with the exception of category C, is required to keep proper books
of accounts and other records and documents.
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- a record of all purchases and sales of goods and services showing the
following:-
the particular goods and services sold
the name of the buyers and sellers/providers in such a manner that
they can be identified by the Tax authorities
Using pre-numbered invoices containing vendor’s tax
identification number.
a record of trading stock on hand at the end of the accounting period with the
method of valuation
any other document relevant for the determination of the tax liability
If books and records are prepared in a foreign language, the Tax Authority may require
translation to the official languages of Ethiopia at the taxpayer’s expense. Moreover, the books
and records must be kept by the taxpayer for ten years after the end of the tax period to which
they relate.
Taxable business income is determined for each tax period on the basis of profit and loss
account otherwise known as income statement which should be prepared in accordance with
Generally Accepted Accounting Principles,
Principles, and subject to provisions of Income Tax
Proclamation No.286/2002 and related directives issued by the Tax Authority.
At the end of each fiscal year, each taxpayer submits a tax return to the Income Tax Authority.
The tax return is a statement containing statistical information filled in a pre-printed form
(provided by the Tax Authority), given to the Income tax Office. The return should contain full
and true information about the income earned by the tax payer. The law requires the tax payer
to furnish such information within a stipulated period.
Many businesses use the service of qualified professional accountants to prepare tax returns
and determine taxable income. Profits as shown by the accountants may not be the same as
admissible for tax assessment. There may be certain items of expenditure reasonably
chargeable to the income statement but not allowable for tax purposes. Likewise, certain
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revenue items permissible to be included in the income statement may not be permissible to
include in the tax return. It becomes thus necessary to adjust those items to determine taxable
income.
1. The direct costs of producing the income, such as the direct cost of manufacturing,
purchasing, importations, selling and such other similar costs;
2. General administrative expenses connected with the business activity;
3. Premiums payable on insurance directly connected with the business activity;
4. Expenses incurred in connection with the promotion of the business inside and
outside the country, subject to the limits set by the directive issued by the Minister
of Revenue.
5. Commissions paid for services rendered to the business, provided that:
(a). said services were in fact rendered.
(b). the amount paid corresponds to normal rates paid for similar services. By other
persons or bodies similarly situated.
6. In the case of a business located and operating in Ethiopia as the branch, subsidiary
or associated company of a business located and operating abroad, no payment of
any kind made to the holding or associated company of the business in Ethiopia
shall be accepted as deduction unless:
a. The payment in question was made for service actually rendered:
and
b. said service was necessary for the business and could not be
performed by the persons or bodies or by the business itself at a lower
cost.
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7. If the income tax authority has reason to consider that the total amount of salaries
and other personal emoluments payable to the manager of a private limited
company is exaggerated it may reduce paid amount for taxation purpose to the limit
which, in view of operation of the company, appears justifiable, either by
disallowing the payments made to more than one manager or in any other way
which may be just and appropriate.
8. Sums paid as salary, wages or other emoluments to the children of the proprietor or
member of the partnership shall only be allowed as deduction if such employees
have the qualifications required by the post.
In computing taxable income, the above listed expenses could be deducted from gross income.
If some conditions are met, the proclamation also allows such expenses as depreciation, bad
debts, interest expense and donation and gifts, which is covered separately in this section as
deductible expenses. (Refer the proclamations articles 23 to 27 and the regulation 78/2002
articles 10 to 14.) Some of them are discussed in 2.3 below
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h. The creation or increase of reserves, provisions and other special purpose funds
unless otherwise allowed by the proclamation.
i. Income tax paid on schedule “C” income and recoverable Value Added Tax
(VAT)
j. Representation expenses over and above 10% of the salary of the employee.
k. Personal consumption expenses
l. Expenditures exceeding the limits set forth by the proclamation or regulations
m. Entertainment expenses “Entertainment” means the provision of food,
beverages, tobacco, accommodation, amusement, recreation or hospitality of
any kind to any person whether directly or indirectly.
n. Donation and gift other than those permitted by regulation.
o. Sum paid as salary, wages or other personal emoluments to the proprietor or
partner of the enterprises. Expenditure for maintenance or other private purpose
of the proprietor or partner of the enterprise.
p. Losses that are not connected with or not arising out of the activity of
enterprise.
q. Grants and donations that exceed 10% of the taxable income of the tax payer.
- Interest expense
A) Interest which is not in excess of the rate used between National Bank of
Ethiopia and Commercial banks increased by 2 %) is allowable deduction if the
lending institution is recognized by NBE or a foreign institution permitted to lend
to enterprises in the country. Moreover, for the interest paid to foreign banks to be
deductible, the lending bank shall, prior to the granting of any loan to any such
person, file a declaration in writing with the Tax Authority wherein it informs said
authority concerning all loans granted to any person liable to pay income tax in
Ethiopia. In addition, the borrower shall withhold 10% from the gross interest
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payable and transfer same to the Tax authority within two months of the end of the
fiscal year.
B) Interest paid to share holders on loans and advance can be deducted to the
extent that the interest paid is less than the average of four times the amount of
share capital in a tax period. This provision doesn’t apply to banks and insurance
companies.
- Representation allowances
Representation allowance is hospitality expense incurred in receiving guests
coming from outside the enterprise in connection with the promotion and
enhancement of the business. Such expenses are deductible to the extent of 10% of
the salary of the employee.
Nonetheless, grants and donations made for purpose listed above may only be allowed as
deduction where the amount of the donation or grant does not exceed 10% of the taxable
income of the taxpayer.
- Trading stock
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The cost of trading stock disposed of during a tax period is allowable
deduction for the purposes of ascertaining income.
Among these methods, the Ethiopian government adopts the straight line – pooling
system method. Generally, except the cost of building, intangible assets and
Information Technology Equipments purchased by a business, all other assets
become part of a pool of expenditures on which capital allowances may be
claimed. Under the pooling system, when addition is made, the pool increases; on
disposal the pool is reduced by the sale proceeds.
In accordance with the newly enacted income tax proclamation and regulation, depreciation
may be deducted in the determination of taxable business income. Nonetheless, fine arts,
antiques, jewelry, trading stock and other similar business assets not subject to wear and
tear and obsolescence shall not be depreciated.
Depreciation rate
a. In determining the amount of depreciation the acquisition or construction cost,
and the cost of improvement, renewal and reconstruction of buildings and
constructions shall be depreciated individually on a straight-line basis at five
percent (5%).
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b. The acquisition or construction cost, and the cost of improvement, renewal and
reconstruction, of intangible assets shall be depreciated individually on a
straight line basis at ten percent (10%).
The above two categories of business assets are depreciated at the given rates based on their
cost (gross value).
The following two categories of business assets shall be depreciated according to a poling
system at the following rates;
For assets for which the pooling methods are used, the rate is applied to the depreciation base
for the determination of depreciation. The depreciation base is the book value of the asset as
recorded on the opening day of the balance sheet of the tax period increased by the cost of
asset acquired or created and the cost of improvement, renewal and reconstruction of the asset
during the tax period. The amount can also be decreased by the sales price of assets disposed of
during the period. Losses incurred during the period due to natural calamity and other
involuntary conversion will also be considered in the computation of depreciation base. Any
compensation received for these purposes will be deducted from the book value.
While determining the depreciation base, if the depreciation base becomes negative amount,
that amount will be added to taxable income and the depreciation shall become zero. On the
other hand, if the depreciation base does not exceed Birr 1,000 the entire depreciation base will
be a deductible business expense.
If a revaluation of business assets takes place, no depreciation will be allowed for the amount
of the revaluation. In determination of taxable business income a deduction is permitted in
respect of each category of business assets for the maintenance and improvement expenses up
to a maximum of 20% of the depreciation base of the end of the year. Any actual expense
exceeding this 20% will increase the depreciation base of that category (or it is capitalized).
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Nonetheless, depreciation is not allowed for assets in respect of which all capitalized costs
have been fully recovered if the transfer of such assets is made between related persons.
- Bad debts
In the determination of taxable income, a deduction for a bad debt is allowed if
the following conditions are met:
An amount corresponding to this debt was previously included in the
income;
The debt is written off in the books of tax payer; and
Any legal action to collect the debt has been taken but the debt is not
recoverable.
Activity 1
What interest rate is applicable for loan and advance given by the shareholders
to the company? Is rate above commercial banks lending rate acceptable?
Activity 2
Identify the following in to “Allowed”, “Disallowed” or “Partially Allowed”
business expenses.
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b) 10% provident fund contribution by the employee
c) 15% provident fund contribution by the company name
d) Basic salary of the General Manager of NMS p.l.c is br4,500 and his
representation allowance is birr 900.
e) General provision on doubtful debtors
f) Company motor vehicle with net book value of Birr 250,000.00 was
completely destroyed with car accident. The motor vehicle was
insured and Birr 200,000.00 was recovered from the insurance
company
g) Br 100,000 donation to indigenous NGO to be utilized for anti-HIV
campaign.
h) Br 25,000. spending on public relations relating to the promotion of
company’s business activity
i) Br 25,000 spending as entertainment
Activity 3
Explain how annual depreciation is computed under the pooling system
method.
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3. Deduct any item included in the income on which income tax has
already been withheld by the payer. Examples of such items are income received
from royalties, income from games of chance, dividends and interest received,
etc. refer schedule ‘D” other income in the proclamation.
4. Multiply the figure so arrived (from step 1through step III) by the
income tax rate. For bodies use the progressive tax table for persons (other tax
payers) to get the tax payable for the fiscal year.
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The short cut method of computing business income tax is provided below.
Taxable Income Deduction
From To Rate
0 1,800 o Nil
1,801 7,800 10% 180
7,801 16,800 15% 570
16,801 28,200 20% 1,410
28,201 42,600 25% 4,950
42,601 60,000 30% 7,950
60,001 and above 35%
Activity 4
1. Explain the following terms as defined by the Income Tax law
- Business
- Income
- Body
2. Compute income tax for A p. l. c assuming that its taxable
income is Birr 135,000.00 for the current year
3. Compute income tax for Ato Thomas who is engaged in private clinic
business and whose annual taxable income is Birr 54,600 based on the
books of account maintained by him.
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4.3.5 Loss Carry Forward
A business is said to have made loss when the total expenses incurred by the business during a
fiscal year are greater than the total income generated by the business in the same year.
year. Loss
carry forward is a procedure whereby a loss incurred in one tax period is carried forward to the
next tax period to be deducted from the available profit, if any. Loss carry forward is one of the
several changes introduced by new tax law. The importance of the loss carry forward provision
to a company is that it preserves valuable cash which otherwise would have to be paid out in
taxes. Such funds are retained in the business and can be used for working capital and/or
expansion of the business. A business, which has alternate profit and loss years of about the
same dimension, would pay no tax at all.
The subsequent paragraphs explain loss relieves available for companies and related eligibility
conditions. If the determination of taxable business income results in a loss in a tax period, that
loss may be set off against taxable income in 3 years tax periods; earlier losses set being set off
before later losses. A continuous set off will be permitted only for a maximum period of 6
years (two periods of three years).However, if during a tax period the direct or indirect
ownership of the share capital or the voting rights of a body changes more than 25% by value
or by number the provision for set off will not apply to losses by that body in that tax period.
Loss carry forward will only be permitted where the books of accounts showing
the loss are acceptable to the tax authority.
Activity 5
1. Explain factors that should be considered in planning relief for
trading loss?
2. If a taxpayer has claimed loss relief against total income of the
same year, is there any restriction on his claiming relief against
Activity 6
total income of the pervious year?
Bezawit p. l. c started trading on April 2000 and results for the first three years are as
follows
Activity 7
Is there any relief available for the loss recognized on the transfer of Business
Assets?
How gain/loss does from transfer of business assets is determined?
4.4 SUMMARY
Tax payers are categorized into three for payments of business income tax based on the volume
of their sales for a tax year and form of business: Category A, Category B and Category C.
Taxable business income is determined for each tax period on the basis of profit and loss
statement, which should be prepared in accordance with GAAP and relevant proclamations and
directions issued by the Tax Authority.
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UNIT 5:RENTAL INCOME TAX
Contents
5.0 Aims and Objectives
5.1. Introduction
5.2. Determination of Rental Income
5.2.1. General
5.2.2. Taxable Income
5.2.3. Tax Rate
5.3. Summary
5.4. Answer to Check Your Progress Exercise
5.1. INTRODUCTION
This section covers tax payables on income from rental of buildings. Any income arising from
rental of buildings is taxable under schedule B. The section covers such issues as the
determination of rental income, tax allowable expenses and the obligations of the tax payer
with respect to maintaining proper accounts. The tax is collected on an annual basis and the
tax year is the Ethiopian fiscal year.
5.2.1 General
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Rental income includes all form of income from rent of a building and rent of furniture and
equipment if the building is fully furnished. Carefully note that income from the lease of
business, including goods, equipments and building which are part of the normal operation of a
business, (called business lease) are taxable under another schedule – schedule C.
C.
Gross rental income also includes any cost incurred by the lessee for improvement to the land
or building and all payments made by the lessee on behalf of the lessor in accordance with the
contract of lease. There are two parties involved in renting a building – the lessee and the
lessor.
lessor. The party who grants rent of the building is the lessor while the one who leases the
property for use is the lessee. In some occasions the lessor may allow the lessee to sub lease
the building to another party in such circumstances the first lessee will be called sub - lessor.
lessor.
The sub - lessor must pay tax on the difference between income from the sub leasing and the
rent paid to the lessor, provided that the amount received by the sub lessor is greater than the
amount payable to the lessor. The owner of the building who allows a lessee to sub-lease is
liable for payment of the tax for which the sub-lessor is liable, in the event the sub-lesser fails
to pay.
When a building is constructed for the purpose of giving on lease, the owner and contractor
should inform the Kebele Administration about its completion and the intention of giving it on
lease. This is also applicable when the building is rented before its completion. The Kebele
Administration will pass the information to the tax office for the determination of tax. It is also
the responsibility of Kebele Administration to gather any such information and communicate
to tax office in case where the parties fail to do so.
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- If the lessor does not maintain books of accounts his allowable deductions
include taxes paid on land and buildings being leased and 20% of the gross income
received as an allowance for repairs, maintenance and depreciation of such buildings,
furniture equipment.
- If the lessor maintains books of accounts the allowable deductions (deductible
expenses) include (but not limited to):-
a. Tax on land and buildings being leased
b. Cost of lease (rent) of land
c. Repairs, maintenance and depreciation of building (and
furniture and equipment if furnished) per income tax proclamations
article 23.
d. Interest on bank loan if any
e. Premium paid on insurance of building.
It is
Activity 1
important to keep proper accounts for period of times when the building was not leased (kept
idle).
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5.2.3 Tax Rate
The income tax payable on rented houses shall be charged, levied and collected at the
following rates:
- On income of bodies 30% of taxable income
- On income of persons according to schedule B below.
Annual Taxable
Income Rate Deduction
0.00 1,800 0 Nil
1,801 7,800 10% 180
7,801 16,800 15% 570
16,801 28,200 20% 1,410
28,201 42,600 25% 2,820
42,601 60,000 30% 4,950
60,001 & above 35% 7,950
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Solution
Example 1
Total Rental Income of MTZ is Br. 40000 for year 1 costs and expense related to the rental
include.
Repair and Maintenance Br. 2000
Premium paid on insurance Br. 1000
Calculate the income tax payable by Mr. X
Total Taxable rental income is Br. 37, 000 i.e. 40000 minus Allowable deductions Br. 3000.
Short Cut
(Total taxable rental Income x Rate) – Deduction
(Br. 37000 x25%) – Br. 2820
= Br. 9250 – 2820
= Br.
Br. 6430
Example 2
XYZ Co’s total rental income from building for the year ending 20x2 is Br. 250000 and
expenses incurred that are related to the rental of building include:
Tax on building Br. 3000
Repair and Maintenance 4000
Depreciation 6000
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Premium paid on Insurance 2500
Calculate the rental income tax payable by XYZ Co for the year 20x2
Solution
Allowable Deductions:
Tax on building Br. 3000
Repair and Maintenance 4000
Depreciation 6000
Premium paid on Insurance 2500
Total Br.15500
5.3 SUMMARY
Income from rental of building is taxable under schedule B, which covers such issues as
determination of rental income, tax allowable expenses and obligations of the taxpayer.
The tax is collected on an annual basis and the tax year is the Ethiopian fiscal year, i.e. Hamle
1 to Sene 30.
The income tax rate render schedule B is progressive that ranges from 10% to 35% and making
the first Birr 1,800 exempted from tax payments on income of persons. Where as the rate is
30% person on income of bodies.
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UNIT 6: SCHEDULE D INCOME TAX
Contents
6.0 Aims and Objectives
6.1. Introduction
6.2. Royalties
6.3. Income From Rendering of Technical Services
6.4. Income Form Games of Chance
6.5. Dividends
6.6. Income From Rental of Property
6.7. Interest Income on Deposits
6.8. Gains on Transfer of Certain Investment Property
6.9. Declaration and Assessment
6.10. Summary
6.11. Answer to Check Your Progress Exercise
6.1 INTRODUCTION
Incomes which are not specifically included under Schedule A, Schedule B and Schedule C is
categorized under this schedule. Schedule D income includes;
- Royalties
- Income from rendering of technical services
- Income from games of chance
- Dividends
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- Income from rental of property
- Interest Income
- Gain on transfer of certain investment property.
This section covers the determination of taxable income, tax rate and payment of tax with
respect to the above listed types of incomes.
6.2 ROYALTIES
Royalty refers to a payment of any kind received as a consideration for the use of or the right
to use any copyright of literary, artistic or scientific work, including cinematography film, and
films or tapes for radio or television broadcasting, any patent, trademark, design or model,
plan, secret formula, or process, or for the use or for the right to use of any industrial,
commercial or scientific equipment, or for information concerning industrial, commercial or
scientific experience.
Royalties is subject to a tax at a flat rate of 5%. The withholding agent who effects royalties
payments, withholds the foregoing tax and accounts to the Tax Authority. However, if the
payer resides abroad and the recipient is a resident, the recipient must pay the tax on royalty
income.
Income from technical service refers to income from any kind of expert advice or
technological service rendered. All payments made in consideration of any kind of technical
services rendered outside Ethiopia to resident persons in this form are subject to a tax rate of
10% which will be withheld and paid to the tax authority by the payer.
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6.5. INCOME FROM GAMES OF CHANCE
This form of income is derived from winning at games of chance (lotteries, Tom bolas, and
other similar activities). This income is subject to tax at the rate of 15%, except for winnings of
less than Br. 100 similar to income from rendering technical activities the payer must withhold
or collect the tax and account to the Tax Authority.
6.5 DIVIDENDS
The taxable Income is income received in the form of dividend from a share company or
withdrawals of profits from a private limited company. Dividend Income is subject to tax at the
rate of 10%. The withholding agent (payer) shall withhold or collect the tax and account to the
tax Authority.
The taxable income under this category is income derived from casual rental of property (land,
building, or moveable asset) not related to a business activity. This type of income is subject to
tax at a flat rate 15% of the annual gross income.
This includes income derived from interest on deposits. Interest Income will be taxed at the
rate of 5% and the payer must withhold the tax and account to the Tax Authority.
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6.8 GAINS ON TRANSFER OF CERTAIN INVESTMENT PROPERTY
Gains obtained from the transfer (sale or gift) of building held for business, factory, and office
and a share of companies is taxable under this category. Such income is taxable at the
following rates:-
- Building held for business, factory, and office at the rate of 15%, and
- Shares of companies at the rate of 30%
Nonetheless, Gains obtained from the transfer of building held for residence is exempted from
tax provided that such building is fully used for dwelling for two years prior to the date of
transfer.
STEP 1.Determine
1.Determine the historical cost of the building or the par-value of the Share, as
appropriate.
- When calculating the capital gain realized from the alienation of building,
the cost registered with the appropriate government body at the time of
issuance of construction permit shall be taken to be the cost of
constructing the building. Tax payable on gain realized from alienation of
buildings shall be applicable only to buildings in municipal areas.
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Example
ABC Co. sold a building, which is held for business for Br. 1,000,000, which is acquired at a
cost of Br. 1, 200,000. Depreciation until time of sale amounts Br. 500,000 and property tax
paid for the building Birr 50, 000.
Solution
■ Book value of the Building = Cost – Accumulated Depreciation
= 1,200,000 – 500, 000
= 700, 000
■ Property tax on the building is allowable deduction. Br. 50, 000
Capital gain tax =( Br. 1000, 000 – (Br. 700,000 + Br. 50,000)) 15%
= Br. 250,000 X 15%
= Br. 37500
As already indicated in earlier discussions each tax payer submits a tax return (financial
statements) to the income tax authority at the end of each fiscal year. The tax return will, then,
be subject to a review by a tax officials. This review by a tax official of the tax declaration and
information provided by the tax payer and a verification of the arithmetical and technical
accuracy of the declaration tax liability shortly after the submission of the declaration is called
Tax Assessment.
The tax year of a person is the fiscal year for an individual or association whereas it is the
accounting year of the body in the case of a body. The Procedures for the assessment of
business income tax takes two forms, assessment by books of account and assessment by
estimation.
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books or when the submitted books are not acceptable. This is also done if the taxpayer fails to
declare his/her table within the time required.
B) Assessment by estimation
If the taxpayers keep no records, or if the income tax authority does not accept the submitted
books, or if the taxpayer fails to declare tax within the time specified, the income tax authority
estimates tax by the use of certain indicators. Category ‘C’ should pay tax at fixed rate on the
income estimated by the income tax authority.
Tax assessors will be assigned by the tax office to estimate the daily sales of the taxpayers. The
estimates will be done using the best of their judgment and objectivity. The estimated daily
sales will be converted to annual income using the number of working days. Tax on annual
sales is determined on the basis of presumptive value assigned to each activity.
Assessment Notification
Notification regarding the assessment of tax, in writing, is served to taxpayers in the following
ways.
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Declaration and assessment of Schedule B and C income
For the purpose of declaration and payment of income tax, schedule “B” and schedule “C”
income tax payers are classified into three categories, known as category “A” category “B” and
category “C”
The difference of and the requirements from each category are summarized in the table below:-
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The tax calculated in accordance with the tax declaration less tax withheld and foreign tax
credit must be transferred to the Tax Authority. The tax authority will refund any excess
payments resulting from the above within 90 days of becoming satisfied on the tax declaration.
The amount of tax due for the year stated in the declaration is the amount assessed by the tax
authority although the authority may issue an amended assessment if it discovers an error or
omission.
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6.10 SUMMARY
All incomes which are not categorized under schedule A, schedule B and schedule C, are
grouped under schedule D, other income. This schedule includes
■ Royalties
■ Income from rendering of technical services
■ Income from games of chance
■ Dividends
■ Income from rental of buildings
■ Interest income
■ Gain from transfer of certain investment property
The procedures for the assessment of business income tax takes two forms:
■ Assessment by book of account
■ Assessment by estimation
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1. Refer Section 6.1
2. Refer Section 6.2
3. Refer Section 6.5
4. Refer Section 6.8
5. Refer Section 6.8 6. Refer Section 6.9
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