section 23(g) of south african income tax act
Section 23(g) of the South African Income Tax Act deals with the deduction of expenses incurred in the production of income. This section allows taxpayers to deduct expenses that are incurred in the production of income, provided that these expenses are not of a capital nature.
In other words, if the expenses are incurred in order to generate income and are not related to the acquisition of capital assets, they can be claimed as deductions from taxable income. This can include expenses such as salaries, rent, utilities, and other costs directly related to running a business or generating income.
It is important for taxpayers to keep detailed records of these expenses in order to substantiate their claims and ensure compliance with the requirements of the Income Tax Act. Failure to do so may result in penalties or interest being levied by the South African Revenue Service.