ASSIGNMENT - 2023 SECOND SEMESTER TAXATION 1 TAX100 Question 1 [21] Section 1 of the Income Tax Act provides different definitions of taxable income, but it is quite simply the net income of a person on which their tax will be calculated. 1.1 Provide the basic formula for the calculation of personal income tax (individual) in a table as per the example format below: Item description Gross income Amount Rxxx I (12)

Section 1 of the Income Tax Act provides different definitions of taxable income, but it is quite simply the net income of a person on which their tax will be calculated. 1.1 Provide the basic formula for the calculation of personal income tax (individual) in a table as per the example format below: 1.2 Provide the basic income statement of a business (company) in table format as per the example format below