₦airaland Forum

Tax is mainly focused on taxable income and this taxable income is basically money paid to you in exchange for a particular service

So if you refuse to put the right payment narration, you may face some problems or even pay more, when filing your T A X Return

If you describe the payment narration correctly, you only pay tax when required... and nothing extra.

SIMPLE DESCRIPTIONS YOU CAN USE (LEGALLY)

1. When a Family member sends you money, they should write

"Gift / Family support" in the payment narration

2. When a Friend or anyone pays you back the money they owe you, tell them to write:

"Refund / Reimbursement"

3. When you move your own money to another account, write:

"Personal transfer/savings."

4. When someone lends you money, he or she should write:

"Loan received"

5. If you put your own money into a business, write:

"Capital contribution"

6. If you operate a POS and your customers want to make a transfer to you

They should write

POS transaction

7. You are a business owner and you sell things

Your customer should put narration like this

Payment for two cartons of Indomie


Ignorance of the law is no excuse

Find me: Poshkreate Solutions

I have maintained this practice for years. So, I am already prepared for this aspect of the tax issues.

Instead of deep-rooted reforms, they are going for tax to fund the jaiye-jaiye lifestyle. Nice one from the OP lest they see urgent 2k as profit and chuucku their opolo eyes inside.

CodeTemplarr:
Instead of deep-rooted reforms, they are going for tax to fund the jaiye-jaiye lifestyle. Nice one from the OP lest they see urgent 2k as profit and chuucku their opolo eyes inside.

It is well o. So if I receive urgent 2k from someone without proper narration, they will tax it? Nawa oo

APC government go finish us with everything tax.