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TAX2601 Assignment 3 Full Solutions Semester 2 2024 - DUE 2 September 2024 $2.71   Add to cart

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TAX2601 Assignment 3 Full Solutions Semester 2 2024 - DUE 2 September 2024

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TAX2601 Assignment 3 (COMPLETE QUESTIONS & ANSWERS) Semester 2 2024 - DUE 2 September 2024 ;100 % TRUSTED workings, Expert Solved, Explanations and Solutions. For assistance call or W.h.a.t.s.a.p.p us on ...(.+.2.5.4.7.7.9.5.4.0.1.3.2)........... QUESTION 1 (12 marks) Easy Elevators (Pty) Ltd’s ...

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TAX2601
ASSIGNMENT 3 SEMESTER 2 2024
UNIQUE NO.
DUE DATE: 2 SEPTEMBER 2024

, TAX2601

Assignment 3 Semester 2 2024

Unique Number:

Due Date: 2 September 2024

Principles of Taxation

QUESTION 1: Gross Income Definition and Application to Easy Elevators (Pty) Ltd

Definition of Gross Income

Under Section 1 of the Income Tax Act 58 of 1962, gross income is defined as:

 The total amount,
 in cash or otherwise,
 received by or accrued to,
 during the year of assessment,
 excluding receipts or accruals of a capital nature,
 from a source within or deemed to be within the Republic.

Let's discuss each of these requirements in relation to the R45,000 received by Easy
Elevators (Pty) Ltd (EE) to determine if it constitutes gross income for the year of
assessment ending on 31 March 2024.

1. Total Amount

The R45,000 received by EE is a specific and quantifiable amount, satisfying the first
criterion.

2. In Cash or Otherwise

The payment was made in cash, deposited directly into EE’s bank account, fulfilling this
requirement.

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