Section 23C: The interaction between deductions and VAT
Duration: 0.5 hour
Price: R49.00
Title / Topic
Section 23C: The interaction between deductions and VAT
| OUTCOMES OF TOPIC After studying this topic related to non-deductible amounts debited to the Income Statement, you should be able to: ✓ Understand what is meant by “non-deductible amounts debited to the Income Statement”; ✓ Name the report contained in the Financial Statements used to complete the “Income Statement” section on the ITR14 tax return; ✓ Understand what is meant by “prohibited deductions” and why section 23 overrides other tax provisions; ✓ Select the correct adjustment fields on the ITR14 Tax Computation under which non-deductible amounts reflected in the Income Statement (Statement of Profit or Loss and Other Comprehensive Income) must be completed. |