74 Case IV: basis of assessment

Income chargeable to tax under Case IV of Schedule D is computed either on the full amount of the profits/gains arising in the year of assessment or according to the average of such a period (not greater than one year) as the case may require and as may be directed by the inspector. The nature of the profits/gains and the basis on which the amount is computed must be stated to the inspector. Any such statement or computation must be made to the best of the knowledge and belief of the person in receipt of or entitled to the profits/gains.

Relevant Date: Finance Act 2021