Section 31 Income Tax Act

Section 2 31 in the income tax act 1995.

Section 31 income tax act. Transfer pricing issued by the commissioner for the south african revenue service. 58 1962 the act have been revised. Section 31 of the income tax act 58 1962 ita a definition of transfer pricing and thin capitalisation.

The income tax act 58 of 1962 aims. Scope of total income. Income tax act 34 of 1953.

Section 31 of the income tax act 1962 the act. 31 person includes. 1961 income tax department all acts income tax act 1961.

1 short title 2 part i income tax 2 division a liability for tax 3 division b computation of income 3 basic rules 5 subdivision a income or loss from an office or employment 5 basic rules 6 inclusions 8 deductions 9 subdivision b income or loss from a business or property 9 basic rules 12 inclusions. Section 31 of the ita provides special anti avoidance rules to regulate certain international transactions and this article intends to define and explain the two concepts referred to in this section of the ita being transfer pricing and thin capitalisation. Repairs and insurance of machinery plant and furniture in respect of repairs and insurance of machinery plant or furniture used for the purposes of the business or profession the following deductions shall be allowed i the amount paid on account of current repairs thereto.

To consolidate the law relating to the taxation of incomes and donations. Comptroller means the comptroller of income tax appointed under section 3 1 and includes for all purposes of this act except the exercise of the powers conferred upon the comptroller by sections 34f 9 37ie 7 37j 5 67 1 a 95 96 96a and 101 a deputy comptroller or an assistant comptroller so appointed. Determination of the taxable income of certain persons from international transactions.

I an individual ii a hindu undivided family iii a company iv a firm v an association of persons or a body of individuals whether incorporated or not vi a local authority and. Section 31 was introduced in 1995 to grant the commissioner power to adjust tax calculations where a taxpayer was involved in cross border transactions not at arm s length. Section 31 in the income tax act 1995 31.