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

April 9, 2026Accounting

ScanSolve AI Answer

April 9, 2026

Answer

N240,000 $$

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): $Profit = N240,000$ $Less: Capital Allowance (YOA 2023) = N16,000$

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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.

Asked on April 9, 2026Accounting

This accounting problem is solved step by step below, with detailed explanations to help you understand the method and arrive at the correct answer.

ScanSolve AI AnswerAnswered on April 9, 2026

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): Profit = N240,000 Less: Capital Allowance (YOA 2023) = N16,000