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TAX2601 assignment 3 semester 2 2024 (Full solutions)
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TAX2601ASSIGNMENT 3 SEMESTER 2 2024Unique Number:
DUE DATE: 2 September
2024 22h00 (10 PM)
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Question 1
Gross Income Definition and Requirements
The term "gross income" is defined in section 1 of the Income Tax Act 58 of 1962 as "the
total amount, in cash or otherwise, received by or accrued to or in favour of a resident, or
received by or accrued to or in favour of a non-resident from a source within the Republic,
during such year or period of assessment, excluding receipts or accruals of a capital
nature." To determine whether the R45,000 received by Easy Elevators (Pty) Ltd ("EE")
constitutes gross income for the year ending 31 March 2024, we must analyze each
element of this definition.
"Total amount": The term "total amount" refers to the entire amount received or accrued,
regardless of whether it is in cash or any other form. In this case, the R45,000 received
by EE is in cash, so it satisfies this criterion.
Disclaimer
Extreme care has been used to create this document, however the contents are provided “as is”
without any representations or warranties, express or implied. The author assumes no liability as
a result of reliance and use of the contents of this document. This document is to be used for
comparison, research and reference purposes ONLY. No part of this document may be
reproduced, resold or transmitted in any form or by any means.
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