Calculate Mr. Onwuama's income tax payable for the Year of Assessment 2023, given his trading profit and capital allowance.

Here's the calculation of Mr. Onwuama's income tax payable for the Year of Assessment 2023, based on the provided details and Nigerian Personal Income Tax Act (PITA) provisions.

Income Tax Computation for Mr. Onwuama
Year of Assessment: 2023

Step 1: Determine Assessable Income

• Trading Profit (Year ended 30 June 2022, assessed in YOA 2023): $$\text{Profit} = \text{N}240,000$$ $$\text{Less: Capital Allowance (YOA 2023)} = \text{N}16,000$$