BASIS PERIOD FOR A NON-BUSINESS SOURCE

1.0 TAX LAWThis Ruling applies in respect of sections 20 and 21 of the Income Tax Act, 1967. It is effective from the year of assessment 2000 for the basis period ending in the year 2000 and subsequent years of assessment.

3.1
    Income tax is chargeable for a year of assessment.
4.0 INTERPRETATIONFor the purpose of this Ruling:

4.1
    “Basis year for a year of assessment” means the calendar year coinciding with the year of assessment.