Special Class Income refers to income subject to separate taxation and has its own legislative requirements, particularly under Section 4A of the Income Tax Act 1967.
Objectives:
- Understand the concept and criteria for classifying Special Class Income according to Section 4A.
- Identify the categories of Special Class Income as stated in the provisions of Section 4A.
- Understand tax exemptions and implications of services or income included under Section 4A.
Benefits:
- Ensure better tax compliance in income management.
- Individuals or organizations can reduce the risk of tax law violations that may arise due to ignorance.
- Individuals or organizations can save on the tax costs that should be imposed, making financial management more efficient and effective.