Question

Which of the following statements is leastcorrect?

	a.	The word “incurred” is not defined in income tax legislation.
	b.	The word “incurred” for tax purposes is associated with expenses.
	c.	Ordinary income is included in a taxpayer’s assessable income when it is derived.
	d.	The word “derived” for tax purposes is associated with income.
	e.	The word “derived” gets its meaning from income tax legislation.

Answer 1

ANSWER:

The least correct option in the above question is OPTION A

i.e. The word “incurred” is not defined in income tax legislation.

REASON:

The expression "incurred" assumes a basic job in the activity of the reasoning arrangement in area 14(1) of the Income Tax Act. In any case, its importance still can't seem to be judicially inspected in any profundity by the Singaporean courts. There is, be that as it may, a noteworthy group of Australian law on the importance of this articulation. This article looks at the Australian professions on this idea and remarks on their possible convincing an incentive in Singapore.