Gross Income

Gross income refers to the income upon which income tax is chargeable under s 4(a) to (f) of the Act.

Each source of income has to be determined separately and computed individually.

Gross income from a business source [s 4(a)] includes

a. sales and services rendered

b. insurance recoveries

c. compensation for loss of income

d. recoveries where such sums were given deduction in prior years

e. interest income

Gross income from employment [s 4(b)] include

a. salary, bonus, wages, directors' fee

b. benefits provided by employer (benefit in kind)

c. living accommodation provided by employer

d. withdrawal of contribution from unapproved pension scheme

e. compensation for loss of employment