By CPA David Kiwanuka Section 5 of the Income Tax Act has been amended to include a new subsection 2a. This new subsection provides that: “A person who during a year of income earns rental income from more than one building shall account for the income and expenditure of each building separately and shall pay tax for each building separately.” A second amendment concerning rental income is in line with the amendment of section 22 of the Income Tax Act: “In the case of rental income, seventy-five per cent (75%) of the rental income is deductible as expenditure and losses…
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