How many types of assessable income are there in total?
How many types of assessable income are there in total?
According to Section 40, there are 8 types of assessable income as follows:
1) Type 1 is money received from employment, for example, salary, wages, bonuses, etc.
2) Type 2 is the money received from the position, for example, commission, meeting allowance, etc.
3) Type 3 is money received from rights, for example, royalties, etc.
4) Type 4 is money received from investments, for example, dividends, profit sharing, etc.
5) Type 5 is the money received from the rental of properties. Breach of hire-purchase agreements, etc.
6) Type 6 is money earned from independent professions, for example, accounting, engineering, etc.
7) Type 7 is money from construction contractors, for example, procuring important luggage that the contractor has to pay.
8) Type 8 is other, for example, business, commerce, transportation, agriculture, etc.
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