Hello. Please explain,If the non qualifying items do qualify for ID ei 9 % when we calculate the 10% test :-what of the IBD will the items be considered ?
This was as per the previous rates, it meant that the whole cost is of the item is taken a allowable expenses. Currently the rate for ID is 50% year 1 and 25% subsequent years on the residual value.
Sorry sir! I want you to make it clear about 10/100 test rule for ID my lecturer told us when it is above 10/100 we should remove those items and put them into IBD at the rate of 25/100 but you you said it can not appear anywhere else so what is true or what is mistake? Please let us know before the exam started
Hello Philip, kindly refer to the revised income tax under second schedule paragraph 8 in relation to the 10% rule. Where as for IBD as of 2022 the IBD is at the rate of 10% and not 25%. Kindly confirm with your Lec well you may refer to the 2nd Schedule shared above with him/her
Am Following you Mwalimu, thank you for allowing uaself to be part of our success.
Wow, always welcome. I am always honored to be part of your success my good students
❤❤❤thanks mwalimu
Always welcome.
Thank you sir for this wonderful well explained class
But sir in tis after getting the answer in IBD...can we substract the answer from the qualifying cost...
So coming exams on December do we have to use the updated one or when computing capital allowances question?
mr mwalimu should i use the provided rates in exam or yours kindly
Hello. Please explain,If the non qualifying items do qualify for ID ei 9 % when we calculate the 10% test :-what of the IBD will the items be considered ?
What does it mean when the ID is given as
100%
This was as per the previous rates, it meant that the whole cost is of the item is taken a allowable expenses.
Currently the rate for ID is 50% year 1 and 25% subsequent years on the residual value.
Sorry sir!
I want you to make it clear about 10/100 test rule for ID my lecturer told us when it is above 10/100 we should remove those items and put them into IBD at the rate of 25/100 but you you said it can not appear anywhere else so what is true or what is mistake? Please let us know before the exam started
Hello Philip, kindly refer to the revised income tax under second schedule paragraph 8 in relation to the 10% rule. Where as for IBD as of 2022 the IBD is at the rate of 10% and not 25%. Kindly confirm with your Lec well you may refer to the 2nd Schedule shared above with him/her
@Aringo how can i access next class kindly.. where you went through the test paper