Personal Income Tax (Finance ACT 2020)- PAYE Assessment /Taxation/

This video on finance act 2020 Personal Income Tax Computation/PAYE Assessment/ examines income chargeable to tax which includes earned income and unearned income, basis of assessment (basis period), tax exempt deductions, consolidated relief allowance, personal income tax rate, allowable expenses and non allowable expenses, format for the computation of personal income tax payables and taxable benefits or benefits in kinds.
#taxation
#financeact2020
#personalincometax
#taxationlectures
#tax
income
#chargeableincome
#assessment
#basisperiod
#income
#earnedincome

[@gladyskemi88]

You highly commendable sir, you break it down even for a layman understanding. God bless you

[@Master_shem]

Thank you very much sir
You touch the real point

[@emmanuelosakuni8647]

Lucid explanations sir👏

[@Ezikan]

Thank you

[@tegwonopraise9116]

THIS VIDEO WAS 1OO PERCENT HELPFUL TO ME

[@sheriffmoore9k]

This is so helpful 🙏🏿

[@ajayiabigail4103]

Thanks so much sir, well understood. Pls, do more videos on PAYE, VAT, witholding tax, taxation of partnership, estate settlement and trust

[@ajayiabigail4103]

@Ezikan Academy

[@Ezikan]

Noted

[@prosperbello4310]

Thanks you sir, following ur teaching on public sector account and finance really help me to pass my Ican exams.i have failed the course before.

[@Ezikan]

Wao! I am glad to hear that.
Congratulations to you.
More grace

[@ajayivictoria5643]

Thanks for the breakdown ❤, so much appreciate

[@chizobaugoji3205]

Nice work sir

[@AdegbiteJumoke]

Thanks for the teaching sir. Gain from sales of shares and int on fixed deposit can be classified as earned or unearned income

[@Ezikan]

Unearned income

[@unekwuojoibrahim3115]

Thank you so much sir

[@chiomastella1238]

Very explicit

[@agbarajohnmary-jw3sq]

Thank you so much for the presentation sir.
Sir,I didn't understand what you said concerning the deduction of that dividend income (#180000). You said it's because withholding Tax has been deducted from it?
Can you explain further sir 🙏

[@Ezikan]

Withholding tax is the final tax on it. Since it has been deducted, we don't need to include it in the chargeable income so that it will not be taxed the second time. That is why we deduct it

[@barahamasulyman1725]

Great work sir.. Your video is awesome and helpful. Please can you do lectures video on taxation for partnership

[@user-xq6ky9bz3k]

Thank you for this video ,please what do we do if we are given cost of the wing ,annual ratable value of the wing and the expected to be refunded to the employer on the accommodation ?
Which would be recognized please ?
Treat as urgent please

[@Ezikan]

Send the question to me on Whatsapp and let me go through it+2348062479843

[@prosperbello4310]

Thank u sir for what u are doing to help us gain knowledge..God bless u richly...Pls,how can i get this video on TAXATION OF CERTAIN BUSINESS, TAXATION OF PARTNERSHIP,TRUST, SETTLEMENT AND ESTATE,VALUE ADDED TAX, LUXURY TAX, CUSTOM AND EXCISE DUTY, WITHHOLDING TAX, LUXURY TAX, INVESTMENT INCOME,STAMP DUTIES?....pls,i keenly need this videos to prepare for the forthcoming ican exam...

[@Ezikan]

I will consider some of those areas soon

[@faroukdurojaiye533]

Hello sir, I have a question not relating to this topic but similar to it, it's about Frank investment income, what is the treatment of it, is it deducted before distribution to beneficiaries or deducted after the distribution.
Thank you

[@vintage8480]

Pls sir can you also enlighten us on company income tax in accordance to the finance act
This presentation was of high importance and quality in my pursuit to complete my project

[@Ezikan]

It is in my channel.
I have two videos on it

[@sorohoyinbunugha8265]

Where can we see it sir? Please can you share the link?

[@Ezikan]

It is in my channel. 2 videos

[@fedinardglory1747]

Sir can you explain more about the Gross on dividend, rent and interest

[@temitopeidris645]

Sir, is it all the Unearned income will be tax 100%.
Sir if they gave us Expenses on property:-
Water rate
Repair
General rate
Insurance
How are we going to treat it sir.
Thanks

[@Ezikan]

Withholding tax is the final tax on those that have been subjected to withholding tax

[@olobadolabunmi5250]

Thank you for a job well done sir
But sir as regards the dividend since it will still be subtracted again do we need to add it??
Because a question was given that has this dividend in it and it wasn't added by the person that taught us when we asked he said no need

[@Ezikan]

If you don't add it, your gross income would not be correct.
Check ICAN study text.
The Solution is there

[@ifeanyivictory2748]

Hello sir
This is a way to go
Thank you sir
Please sir, can you recommend a very good taxation textbook

[@Ezikan]

ICAN study text is Ok

[@evangelineopara9672]

Do you mean that you will always deduct dividend after adding it because it has been taxed? Where it is not stated that it has been taxed,does it mean it will not be deducted, please clarify.

[@Ezikan]

It will be deducted. Withholding tax is the final tax on dividends

[@obedekegift9561]

Please help with withholding tax

[@Ezikan]

Noted

[@sikirutaiwo1974]

If a company has an assessable loss and capital allowance how to treat it in computation of taxable profit or loss

[@Ezikan]

Both the loss and capital allowance will be carried forward until there is profit to relieve or claim them

[@tegwonopraise9116]

PLEASE, I HOPE YOU CAN DO A VIDEO ON TAXATION OF PATNERSHIP: Admission, Death/retirement/resignation and Amalgamation

[@Ezikan]

Noted

[@Ezikan]

It will be considered soon

[@tegwonopraise9116]

@@Ezikan please do. My coursmate and i will really appreciate it

[@Ezikan]

Ok

[@oluebubejane5418]

Sir Please I have a problem that I can't seem to find the solution

[@Ezikan]

What problem?

[@oluebubejane5418]

A question of what method is best for assessing income

[@oluebubejane5418]

This is the question
Maryanne commenced trade on July Ist 2004 and decided that her accounting date will be 31/12/every year.the adjusted profit is as follows
Period to 31/12/2004.... Loss _5000
Year ended 31/12/2005. profit_2500
Year ended 31/12/2006. Profit-8000

[@oluebubejane5418]

Sir this is the question

[@Ezikan]

Apply commencement rule under the old provisions.
Not finance ACT
The solution can be found in Seyi Ojo Taxation

[@genevievemaduako7020]

Hello sir please is this format also applicable in computing a directors personal income tax

[@Ezikan]

Yes. All personal Income Tax

[@akintimehinmoromoke]

In respect of the unearned income. If we have more than dividend received(I.e all the other unearned income; after grossing it )do we deduct all the figure. Or this rule of withholding tax been the last tax is applicable to dividend only.. Please clarify

[@Ezikan]

Deduct the unearned income that have been subjected to withholding tax

[@Ezikan]

If there is anyone reported net of withholding tax, you deduct that

[@richardmiracle7403]

I don't understand how you got the 0.9

[@Ezikan]

Use to calculate what?

[@beatricemichael3394]

I need a video on advance management account

[@user-ve7lq7bc7x]

Thank you sir
Am truly grateful
God bless you richly

[@Ezikan]

Amen and you too