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Section 1(1) defines “gross income”, in relation to any year of assessment, of a resident, as the total amount, in cash or otherwise, received by or accrued to or in favour of the resident, during such year of assessment, excluding receipts and accruals
4.1 Section 1(1) – Definitions of “gross income” and “income” The term “gross income” is defined in section1(1) as follows: “ ‘[G]ross income’, in relation to any year or period of assessment, means— (i) in the case of any resident, the total amount, in cash or otherwise,
Section 1(1) defines “gross income”, in relation to any year of assessment, of a resident, as the total amount, in cash or otherwise, received by or accrued to or in favour of the resident, during such year of assessment , excluding receipts and accruals
“gross income”, in relation to any year or period of assessment, means— (i) in the case of any resident, the total amount, in cash or otherwise, received by or accrued to or in favour of such resident; or
This is a ruling on the interpretation and application of –. section 1(1) – definition of “gross income”; section 11(a); section 23(g); section 24J(1); paragraph 1 – definitions of “disposal” and “base cost”; paragraph 20(1); and. paragraph 35(1). Parties to the proposed transaction.
3.1 Position of the lessor [paragraph (g) of the definition of “gross income” in section 1(1)] . . . . . Paragraph (g) requires a lessor to include the full amount of a lease premium in gross income in the earlier of the year of assessment in which it is received by or accrues to the lessor.
1. Determine gross income. First determine your total receipts and accruals, or total income. These concepts are not contained in the Act, but they are implied by the wording of the definition of “gross income” in Section 1 of the Income Tax Act.
