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4.1. Gross income 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 of a capital nature.
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,
The term gross income“ ” is broadly defined in 1section(1) as the total amount, in cash or otherwise, received by or accrued to a resident during a year of assessment which is not of a capital nature.
“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.
13 mar 2023 · The definition of gross income is detailed in section 1 of the Income Tax Act and essentially 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
The up-front lump sum is an amount that is paid for the use of the patent and it is distinct from and in addition to the royalty (see 3.1.1). It therefore falls within the scope of a premium for the right of use of a patent under paragraph (g)(iii) and requires a full inclusion in gross income.
