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QUESTION 4 A. B. C. Tax planning is process of analysing one's financial situation efficiently to reduce one's tax liability. Discuss the importance of
QUESTION 4 A. B. C. Tax planning is process of analysing one's financial situation efficiently to reduce one's tax liability. Discuss the importance of tax planning (6 marks) Tax investigation is an in-depth investigation processed by a tax authority to recover tax undercharged in previous years of assessment. Discuss the importance of tax investigation and state the tax investigation process. (10 marks) Under Section 45 (2) of the Income Tax Act 1967, wife can be assessed jointly with her husband. The election should normally be made only if it benefits the taxpayer. State any FOUR (4) conditions for the joint assessment. (4 marks) [20 Marks]
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