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Section 35 Nigeria Tax Act 2025 Section 35 of the Nigeria Tax Act 2025 is about Disposal of assets. It provides as follows: (1) For the purpose of this Act, there is a disposal of assets by a person where any sum is derived from a sale, lease, transfer, an assignment, a compulsory acquisition or…
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Section 34 Nigeria Tax Act 2025 Section 34 of the Nigeria Tax Act 2025 is about Chargeable assets. It provides as follows: (1) Subject to exemptions as may be provided in Part I of Chapter Eight of this Act, all forms of property shall be chargeable assets for the purpose of this Part, whether situated…
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Section 33 Nigeria Tax Act 2025 Section 33 of the Nigeria Tax Act 2025 is about Chargeable gains. It provides as follows: (1) Gains accruing to any person in a year of assessment shall be chargeable to tax in accordance with the provisions of this Act. (2) Gains on which tax is to be assessed…
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Section 32 Nigeria Tax Act 2025 Section 32 of the Nigeria Tax Act 2025 is about Proof of claims. It provides as follows: (1) The relevant tax authority may require a claimant to a deduction under section 30 (2) (a) of this Act to produce such documentary evidence as may be necessary in support of…
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Section 31 Nigeria Tax Act 2025 Section 31 of the Nigeria Tax Act 2025 is about Deductions to be claimed. It provides as follows: Deduction shall not be allowed under this Part to any person for a year of assessment, unless claimed in writing in such form as the relevant tax authority may prescribe.
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Section 30 Nigeria Tax Act 2025 Section 30 of the Nigeria Tax Act 2025 is about Ascertainment of chargeable income of individuals. It provides as follows: (1) The chargeable income of an individual, is the total income of that individual ascertained under the provisions of section 28 of this Act, less eligible deductions. (2) For…
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Section 29 Nigeria Tax Act 2025 Section 29 of the Nigeria Tax Act 2025 is about Presumptive taxation. It provides as follows: Notwithstanding any provisions of Chapter Two of this Act, where for all practical purposes, the income of a person chargeable to tax under this Act cannot be ascertained or records are not kept…
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Section 28 Nigeria Tax Act 2025 Section 28 of the Nigeria Tax Act 2025 is about Total income of an individual. It provides as follows: (1) The total income of an individual for any year of assessment is the taxable income less total deduction. (2) For the purposes of subsection (1) –(a) taxable income is…
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Section 27 Nigeria Tax Act 2025 Section 27 of the Nigeria Tax Act 2025 is about Ascertainment of total profits of companies First Schedule. It provides as follows: (1) The total profits of a company for any year of assessment, shallbe the amount of its total assessable profits from all sources, including chargeable gains computed…
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Section 26 Nigeria Tax Act 2025 Section 26 of the Nigeria Tax Act 2025 is about Basis for computing assessable profits for trade or business. It provides as follows: (1) With respect to income from an employment or pension, the assessable income of an individual shall be the amount of the income of the year…