Answer to Question #53732 in Economics for icy

Question

1. describe the distinction between legislative requirements and professional standards

2. What part of the legislation provides details of how much income tax must be paid and what does it state?

Answer 1

1. Professional standard is ethical or legal duty of a professional prescribed in the code of practice of his or her profession, or as other professionals in the same discipline would in the same or similar circumstances. Professional standards of practice and ethics for a particular field are typically agreed upon and maintained through widely recognized professional associations. Legislative requirements are sets of rules and restrictions for specific areas which are established by public authorities and are mandatory for execution.

2. Income Tax Acts provide details of how much income tax must be paid.