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1. What are the conditions under Income Tax Act, ACT 896 for expenditure to be...

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Accounting

1. What are the conditions under Income Tax Act, ACT 896 for expenditure to be allowed as a deduction when computing business, employment or investment income? 2. List 5 allowable deductions from the assessable income 3. Assume that the written down value of assets in the pool 2 is GH 100 000 and the repairs and improvements is GH 20 000 What will be the tax allowable expenses? 4. Given that the assessable income for the company is GH 140 000 the finance cost is GH 90 000 and there is no corresponding finance gain, what is the allowable expense?

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