South African Institute for Drug Free Sport Act, 1997
R 385
Income Tax Act, 1962 (Act No. 58 of 1962)Chapter II : The TaxesPart I : Normal Tax11G. Deduction of expenses incurred in production of interest |
| (1) | For purposes of this section ‘interest’ means interest as defined in section 24J. |
| (2) | For purposes of determining the taxable income derived by any person, there shall be allowed as a deduction from the income of that person, interest incurred by that person to the extent that the interest— |
| (a) | is incurred in the production of interest that is included in the income of that person; and |
| (b) | is not incurred in carrying on a trade. |
| (3) | The amount allowed to be deducted under this section shall not exceed the amount of interest income referred to in subsection (2)(a), that is received by or accrued to the person, during the year of assessment. |
[Section 11G inserted by section 14(1) of the Taxation Laws Amendment Act, 2023 (Act No. 17 of 2023), Notice No. 4226, GG49894, dated 22 December 2023 - comes into operation on 1 January 2025 and applies in respect of years of assessment commencing on or after that date (section 14(2))]
