Buy custom An Analysis Of The Term Actually Incurred In Section 11(a) Of Income T
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Topic: |
English
|
Number of pages / Number of words: |
15 / 4159 |
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The expenditure or losses must have
been: Actu
ssme
nt
In the Republic of South Africa.
In the production of the income.
Such expenditure or losses must not be of a capital nature.
The section has to be read together with s23(g)
23. Deductions not allowed in the determination of taxable income...
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Deductions not allowed in the determination of taxable income.-
No deductions shall be made in respect of any moneys, claimed
as a deduction from trade, to the extent to which such monies
were not laid out or expended for the purposes of trade.'
This report will focus on the meaning of the term "actually incurred" (as a
critical part of the recognition process) and not on the other requirements...
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