Download income tax act 58 of 1962

The act has been amended by the taxation laws amendment. Section 58 of income tax act 19612017 provides for no deductions from. Income tax exempt institutions application for exemption from income tax in terms of section 101 andor approval in terms of section 18a of the income tax act, no. Notice of the date upon which section 12l of the income tax act, 1962 deduction in respect of energy efficiency savings, as inserted by act 17 of 2009, amended by act 7 of. Section 35a withholding tax and assetforshare transactions august 2010 issue 2 with effect from 1 september 2007, section 35a of the income tax act no. Section page contents division one 111 income tax act, 1961 page u arrangement of sections i3 u text of the income tax act, 1961 as amended by the finance act, 2011 1. Mar 09, 2020 notice of the date upon which section 12l of the income tax act, 1962 deduction in respect of energy efficiency savings, as inserted by act 17 of 2009, amended by act 7 of 2010 and substituted by act 22 of 2012, comes into operation.

All these people have an obligation to comply with. The south african revenue service sars released binding private ruling 210 ruling on 11 november 2015. A withholding tax on interest is levied in terms of sections 50a to 50h of the income tax act no. Finance in a calabash introduction income tax is a charge levied on income, pro. Regulations issued in terms of paragraph 4o of part i of the ninth schedule to the income tax act, 1962 act no. Section 31 was introduced in 1995 to grant the commissioner power to adjust tax calculations where a taxpayer was involved in crossborder transactions not at arms length. Mitigating climate change through the income tax legislation. Section 31 of the income tax act 58, 1962 ita a definition of transfer pricing and thin capitalisation section 31 of the ita provides special antiavoidance rules to regulate certain international transactions and this article intends to define and explain the two concepts referred to in this section of the ita being transfer. Amends item 15 of schedule 1 to the stamp duties act, no. The provisions of section 31 of the income tax act no. Substituted by the taxation laws amendment act, 1970, w. Income tax act, 1962 regulations in terms of section 12t8 of the income tax act, 1962, on the requirements for tax free investment i, nhlanhla musa nene, minister of finance, under section 12t8 of the income tax act, 1962 act no. Section 31 of the ita provides special antiavoidance rules to regulate certain. Due to fact that the south african income tax act 58 of 1962 offer very little clarity on the deductibility of such expenses, the dissertation will look to the united states internal revenue.

Click to view and download notices related to the income tax act no. By the power vested in him by paragraph 143a of the fourth schedule to the income tax act, 1962 act no. The taxability of income in terms of the income tax act 58. Income tax act 58 of 1962 ss 74a and 74b of the income tax act by requiring taxpayers to produce or provide information, documents and things at the commencement of an inquiry or audit of taxpayers, and concludes that such a. The following acts are examples of the primary legislation sars administers. Cliffe dekker hofmeyr successive corporate reorganisation. The reach and implication of section 454b of the income. An analysis of section 80acii of the income tax act no. Income tax act, 1962 regulations in terms of section 12t8 of the income tax act, 1962, on the requirements for tax free investment i, nhlanhla musa nene, minister of finance, under section 12t8 of the income tax act. The consolidated income tax act is available, in a pdf version, under the tax heading on the university of pretoria, laws of sa consolidated legislation website. Although the eighth schedule to the income tax act 58 of 1962 the act south africa 1962, containing the provisions relating to cgt has been in operation for just over five years. University of cape town,faculty of law,department of commercial law, 20 cited yyyy month dd. Jul 21, 2003 regulations prescribing the steps to be taken to liquidate, wind up or deregister a company for purposes of section 46 and section 64b of the income tax act, 1962 act no.

Income tax act 58 of 1962 ss 74a and 74b of the income tax act by requiring taxpayers to produce or provide information, documents and things at the commencement of an inquiry or. The reach and implication of section 454b of the income tax act 58 of 1962 section 45 of the income tax act1 provides a mechanism whereby a company may dispose of. Income tax and vat acts online the income tax act, 1962, valueadded tax act, 1991 and other tax acts may be accessed on the sars website. All binding private rulings and referred tointerpretation notesin this note are available on the sars website at. Section 101e exempts from income tax the levy income of a body corporate, a. This dissertation highlights some issues surrounding the section 12k exemption which may detract from its true potential and proposes ways to resolve these issues in order to. Section 58 of income tax act 19612017 provides for no deductions from income from other sources. Although the eighth schedule to the income tax act 58 of 1962 the act south africa 1962, containing the provisions relating to cgt has been in operation for just over five years, these provisions have proven to be extremely complex and often difficult to apply in practice. May 06, 2016 the ruling concerns the tax consequences of the disposal of an asset in terms of an assetforshare transaction as defined in s421 of the income tax act, no 58 of 1962 act within 18 months of its acquisition in terms of an intragroup transaction as contemplated in s451a of the act.

Section 31 of the income tax act 58, 1962 ita a definition of transfer pricing and thin capitalisation. Section 12m contributions in terms of the income tax act. This note provides guidance on the application and interpretation of section101 e. Dec 11, 20 the provisions of section 31 of the income tax act no. Section 12m contributions in terms of the income tax act no.

The ruling sets out the tax consequences of a liquidation. The amount of the tip may be related to the quality of the service but it is also often awarded because of social custom or out of kindness. Deemed dividends in specie 64eb 1 where a company that is a resident acquires the right to a dividend by way of. Application for exemption from income tax in terms of. The purpose of this twopart article is to examine the meaning of the phrase a misuse or abuse of the provisions contained in the enacted version of section 80ac ii of the. Section 58 of incometax act 19612017 no deductions from. A cry for certainty as to the application of accrued to for purposes of section 1 of the income tax act 58 of 1962 m v csars august 1, 2018. Section 58 of incometax act 19612017 no deductions. Income tax act and regulations 581962 data dynamics. All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign. Section 31 was introduced in 1995 to grant the commissioner power to adjust.

This dissertation examines the introduction of section 12k in the income tax act 58 of 1962 and how this novel incentive interacts with our current income tax legislation. Section page contents division one 111 incometax act, 1961 page u arrangement of sections i3 u text of the incometax act, 1961 as amended by the finance act, 2011 1. The reach and implication of section 454b of the income tax act 58 of 1962 section 45 of the income tax act1 provides a mechanism whereby a company may dispose of its assets to another company and defer the tax consequences thereof, if both companies form part of the same group of companies. Amendment of section 1 of act 58 of 1962, as amended by section 3 of act. Chapter iv sections 1459 of income tax act, 1961 deals with provisions related to computation of total income. Text of remaining provisions of allied acts referred to in income tax act 1. Due to fact that the south african income tax act 58 of 1962 offer very little clarity on the deductibility of such expenses, the dissertation will look to the united states internal revenue code which, a richer source of information in this regard. All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and imposition of tax act, 2015 central boards of revenue act, 1963 charitable and religious trusts act, 1920 charitable endowments act, 1890. Transfer pricing income tax act 58 of 1962 section 31. Regulations prescribing the steps to be taken to liquidate, wind up or deregister a company for purposes of section 46 and section 64b of the income tax act, 1962 act no. Tax law in the united states allows taxpayers to deduct most business expenses. Determining a taxable capital gain or an assessed capital.