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oa De Rebus - Assessed losses: The Gauteng Tax Court confirms the income-from-trade requirement

 

Abstract

Assessed losses are incurred by a taxpayer when his tax deductions exceed the income that accrues or is received by him in a tax year. Section 20 of the Income Tax Act 58 of 1962 (the Act) allows taxpayers to carry forward the balance of assessed loss from a previous tax year and set it off against the taxpayer's income to determine his taxable income for the year.

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/content/derebus/2008/479/AJA02500329_8277
2008-09-01
2016-12-07
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