TAXATION 1

PARTNERSHIP
Chargeable person
Income tax is levied on the individual partners
Source of income
- Partner comprise 2 or max 20 person.
- Source of income = business income
Existence of partnership
- The following factors need to be fulfilled:
o Carriying on business
o Sharing of rights n responsibilities
o A view to profit ( profit sharing)
o Risk n reward for each partner

Provisiona adjusted income

(pg 402)
Divisible income
(pg403)
Change of profit sharing ratio
(pg 404)
Adjusted income of partner
(404-405)

PARTNERSHIP 1