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for unincorporated businesses, late payment of interest in respect of income tax and capital gains is not allowed.
Likewise, REPAYMENT INTEREST IS TAXABLE.
i dont get what is meant by REPAYMENT INTEREST?
thanks in advance
Please note above that repayment interest is not taxable on an individual.
Repayment interest will apply where the taxpayer has overpaid tax and is subsequently due a repayment, rather than having underpaid tax upon which he has to pay interest
ok. thank u.
just to tell u… am doing self study… so at times i will ask the most basic of questions to clarify what is happening.
the whole point of posting in ask the tutor is to get an answer rather than a reading assignment.
the basic petrol post i had made early on is still outstanding. will be grateful if u cd explain it.
thanks
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