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what is general deduction formula. General Deductions S11 a Preamble - What may be deducted S23 What may not be deducted NO DEDUCTION MAY BE CLAIMED IF THE TAXPAYER DOES NOT CARRY ON A TRADE. General deduction formula Section11aprovided a deduction for expenditure and losses actually incurred in the Republic in the production of the income provided they are not of a capital nature.
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Expenditure and losses. Carrying on any trade. Not of a capital nature 21.
General deduction formula Section11aprovided a deduction for expenditure and losses actually incurred in the Republic in the production of the income provided they are not of a capital nature.
A taxpayer is therefore not allowed to deduct expenditure incurred in earning a foreign dividend because it is not derived from the carrying on of a trade. In the year of assessment 11. This section when read together with section 23 is referred to as the general deduction formula. The general deduction formula is contained in section 11a read with section 23g of the Income Tax Act 58 of 1962 the Act.
