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Business Income

Business income refers to income from sales activities, including wholesaling, retailing, manufacturing, services, and other operations where income is derived from business activities. This category also includes income earned by professionals such as doctors, lawyers, writers, actors, and those involved in fishing or similar enterprises. 

Estimated Income Tax Prepayment, and When is it Due?

Estimated income tax prepayment is an advance payment made in installments before the final tax amount for the year is calculated and confirmed. This payment is based on the previous year’s tax and is settled when filing the final tax return for the current year.

Flat-amount Cut

The government has introduced a special income tax deduction for 2024 called the "Flat-Amount Cut." This section explains the new income deduction, specifically for those who need to file an income tax return that includes business income or other qualifying types of earnings.