Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On 28 February 2023, Noxolo submutted her second prowisional tax retum for her 2023 . year of assessment and paid an amount of R191 576

image text in transcribed
On 28 February 2023, Noxolo submutted her second prowisional tax retum for her 2023 . year of assessment and paid an amount of R191 576 . She was 34 years old at the time. She estimated her taxable income for the 2023 year of assessment at R1190000 and used that estimated amount to determine her second provisional tax payment. Her basic amount was R1180000. Her first provisional tax payment was made on 31 August 2022 amounting to R189 000. On 15 Noverber 2023, she received her assessment for the 2023 year of assessment. which indicated her final assessed tawable income for the year as R1 670000. 1.1) Discuss whether Nowolo is liable for an underpayment penalty, as per par 20in the income Tax Act regaring her estimated taxable income used for the purpose of her second provisional tax retum 1.2) Assume Nowolo is lable for an underpayment penalty, calculate the amount of the penally

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Research Methods And Audit For General Practice

Authors: David Armstrong, John Grace

3rd Edition

0192631918, 978-0192631916

More Books

Students also viewed these Accounting questions