Webb12 mars 2024 · Consequently, the Respondent’s claim in terms of section 24C of the Act, met the requirements of the said section. HELD In coming to its decision, the SCA considered CSARS v Big G Restaurants 2024 (Pty) Ltd [1] [2024] ZASCA 179wherein this court held that in order to qualify for an allowance, the income received and the future … Webbearned and the requirements of section 24C were met. Section 24C provided in 2009 that, for the allowance for future expenditure to apply, SARS must be satisfied that: 1. an amount of expenditure “will be incurred” after the end of the year; 2. the amount will be incurred (i) in a manner that the amount
To deduct or not to deduct? - mst Group - mst Group Full range of …
Webb26 Feb 2024. In the recent case of CSARS v Clicks Retailers (Pty) Ltd (58/2024) [2024] ZASCA 187, the Supreme Court of Appeal (“the SCA”) sided with SARS in its interpretation of section 24C of the Income Tax Act, No. 58 of 1962. Contractors and others who avail themselves to this provision should heed the permutations set by this judgment ... Webb25 jan. 2024 · The court found in favour of SARS in respect of the section 12C(1)(a) allowance, and in favour of the taxpayer in respect of the section 24C allowance. The taxpayer, a waste management company, appeals against additional assessments raised by SARS for the 2015 and 2016 tax years and the imposition of understatement … glow up sutton in ashfield
Section 24C Allowance: Income Received in Respect of Gift Vouchers
Webb14 jan. 2024 · Section 24C provided in 2009 that for the allowance for future expenditure to apply: SARS must be satisfied that an amount of expenditure “will be incurred” after the end of the year; Webb5 feb. 2024 · As a result, the section 24C allowance should be refused as the future expenditure did not stem from the same contract for which the income as earned. Clicks, on the other hand, contended that the qualifying purchase was obligation imposing, as found by the Tax Court, and that there was a direct and immediate connection between … Webb24 maj 2024 · Section 24C creates an exception to the general rule that expenditure is only deductible in the year in which the expenditure actually incurred. The exception allows a taxpayer to defer paying tax on income if that incomes accrues in terms of a contract and will be used to finance future expenditure. boise pd chief ryan lee