n Tax Breaks Newsletter - Deductions must be intended to produce taxable income : tax deductions
|Article Title||Deductions must be intended to produce taxable income : tax deductions|
|© Publisher:||Moneyweb (Pty) Ltd|
|Journal||Tax Breaks Newsletter|
|Publication Date||Feb 2015|
|Pages||2 - 3|
Section 11(a) of the Income Tax Act, the so-called "general deduction formula", seems to have produced more court cases than virtually any other section of the Act. And each time, the courts tell us the same thing: In order for you to successfully claim an expense as a deduction for income tax purposes, there must have been a clear intention for this expense to have resulted in you earning taxable income from this expense.
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