Separate entity taxation is a form of schedular
taxation because it generally taxes a taxpayer's income from a business entity differently from other income.
There are three main areas where changes are likely - the abolishment of the old schedular
system, which would allow a company to offset losses in one schedule against profits of another, the different ways in which trading and investment companies are taxed, and the creation of a level playing field for all capital assets where the tax treatment is in line with the accounting treatment.
The proposed rule adding Item 302(c) would require companies to disclose in schedular
format the reserves for each significant element comprising a particular category of contingent liability.
Major changes in the design of the taxation system have been introduced in the form of presumptive basis of income taxation schedular
basis for taxation of dividends, bank profits and interest, prizes, winnings from lottery, etc.
Major changes in the design of taxation system have been introduced in the form of presumptive basis of income taxation, schedular
basis for taxation of dividends, bank profits and interest, prizes, winnings from lottery, etc; fixed tax on small business enterprises' minimum taxation on companies and registered firms based on turnover, and one time Corporate Assets Tax.