Income Tax Act, 1962 (Act No. 58 of 1962)
Chapter II : The Taxes
Part I : Normal Tax
24E. Allowance in respect of future expenditure by sporting bodies
|(1)||If income is received by or accrued to a taxpayer contemplated in section 11E in respect of an event that will not recur in the following year of assessment, the taxpayer may for the purposes of determining taxable income deduct so much of that income as will be required to fund expenditure contemplated in section 11E that will be incurred in a future year of assessment.|
|(2)||Any amount allowed to be deducted in terms of subsection (1) in any year of assessment must be deemed to be income received by or accrued to the taxpayer in the following year of assessment.|
[Section 24E inserted by section 45(1) of the Taxation Laws Amendment Act, 2010 (Act No. 7 of 2010)]
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