WebSection 11(j) of the Income Tax Act 58 of 1962 (the Act), as amended, provides for an allowance of doubtful debts in respect of trade debts of the taxpayer. The amount of the … Web19 Jul 2013 · Consequently SARS has, in practice, been disallowing section 24C allowances claimed by retailers in respect of gift voucher and lay-bye income. We note, however, that where trading stock is on hand at year-end, the value of these items would have been included in closing stock and added to taxable income in accordance with section 22 of …

2297. Mining and prospecting - SAICA

WebTaxpayer contacts SARS to enquire how to apply for section11( j)(i). Taxpayer is requested to provide the following: • Name; • Tax reference number; • IFRS9 date of adoption; and • … WebCurrently SARS allows for taxpayers to submit a directive application whereby the percentage allowable under section 11(j) may be increased to up to 85% (in certain … hornady 38 spl ammo

Tax treatment of doubtful debts to be clarified by way of statutory ...

WebAll guides and interpretation notes referred to in this Note are available on the SARS website at. www.sars.gov.za. Unless indicated otherwise, the latest issue of these documents should be consulted. 1. Purpose . This Note provideguidances on the application of paragraph (h) and the related deductions under section 11(g) and (h). Web52. Effective date of a reduction under section 11J of the Act {new} 53. Amount of a reduction under section 11J of the Act {new} 54. Amount of a reduction under section 27: claimants subject to work-focused interview requirement only {new} 55. Amount of a reduction under section 27: cases where the reduction amount is zero {new} 56. WebThis Note provides guidance on calculating the section 11(j) doubtful debt allowance. 2. Background . Section 11(j) provides an allowance to taxpayers for debts are due but are … lost paintings ww2