Non-Allowable Expenses in tax law refer to certain expenditures that businesses or individuals cannot deduct from their taxable income when calculating their tax liability. This program is designed to help finance professionals, accountants, and business owners comprehend the non-deductible expenses under the Income Tax Act 1967. A thorough understanding of these regulations is crucial for ensuring tax compliance and avoiding penalties.
Objectives:
- Provide a comprehensive understanding of the expenses not allowed under Section 39 of the Income Tax Act 1967.
- Assist participants in identifying and avoiding non-deductible expenses, thereby ensuring full compliance with tax laws.
- Equip participants with practical skills to evaluate and manage expenses effectively within the framework of tax regulations.
Benefits:
- Empower participants with the knowledge to make informed decisions regarding business expenses.
- Minimize the risk of incurring penalties due to non-compliance with tax regulations.
- Improve financial management practices by ensuring that all claimed expenses are legitimate and allowable under tax laws.