A direct tax on an individual’s income, generally levied at progressive rates, with income classified under various headings as per UK tax legislation.
Sales Returns and Allowances is an account used to accumulate price reductions given to customers due to goods being returned or merchandise being defective and not suited to customers' needs.
A tax-free designation refers to any payment, allowance, or benefit that is not subject to taxation, providing financial advantages to recipients without impacting their taxable income.
