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Old 04-11-2008, 11:37 AM
assessable income--
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Nick, it includes all your income like pay, bonus, commission, rent, dividends. Add these all up, then minus expenses and donations to obtain your "assessable income". Then, you deduct reliefs like NSman, working mother, earned income, etc, to get your "chargeable income". Then, Iras will tax you based on your chargeable income.
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