Taxation of Individuals Simplified 2025
This book was written with the first year/first time income tax student in mind.
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Product description
This book was written with the first year/first time income tax student in mind.
It uses simple language and the unique aspects of the book are the flow charts used to visually explain some of the more complicated aspects of taxation, the inclusion of a glossary, and the reproductions of the actual forms that SARS requires. This makes for a very practical application of the theory being taught. It covers all the topics needed by a taxpayer who is required to fill in an IT12 tax return, which means that it will not only be valuable to the students, but also to the 'man on the street' who wishes to understand and learn more about his taxable income calculation. The benefit of working through the book is that taxpayers will know what is expected of them during the income tax assessment process and will be able to verify their income tax calculations. All examples and practical application questions in the book relate to the year of assessment from 1 March to 28 February (the year of assessment). Unless indicated otherwise, all dates fall into the aforementioned tax year.
Table of contents
Chapter 1: - Introduction to the Governmental Fiscal Framework
Chapter 2: - Introduction to the Annual Income Tax Framework
Chapter 3: - Calculating Taxable Income
Chapter 4: - Gross Income, Specific Inclusions and Exempt Income
Chapter 5: - General, Prohibited and Specific Deductions
Chapter 6: - Calculating the Taxable Income of a Person receiving a Salary, Fringe Benefits and Other Income
Chapter 7: - Capital Transfer Taxes
Chapter 8: - Prepaid Taxes
Chapter 10: - Other Taxes
Retirement Benefits
Solutions to €˜Test Your Knowledge' Questions and Examples
Schedules
Glossary
Index
