1. Each category of income is determined in accordance with its own set of basic principles.

True or False

2. Both Individuals and corporations compute both net income for tax purposes and taxable income in the same manner.

True or False

3. The terms "taxable income" and "net income" are interchangeable as they have the same meaning for tax purposes. .

True or False

4.The taxation year for an individual includes the 12-month period ending on April 30th.

True or False

Note- Introduction to Taxation