Watch out! There are amendments to Section 24 of the Income Tax Act 1967 (ITA), i.e. Section 24 (1)(6) of ITA & New Section 24(1A) of ITA.
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Amendments |
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Section 24 (1)(b) of ITA |
Debt will be treated as gross income in the basis period the debt arises in respect of any services rendered or to be rendered at any time. It is effective from the year of assessment 2016 |
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New Section 24(1A) of ITA |
Effective from the YA 2016, when a person received any advance payment for any services to be rendered or the use or enjoyment of any property to be dealt in the course of carrying on business, the advance payment shall be treated as the gross income in the relevant period the advance payment received notwithstanding that the service or use of the property has yet to be rendered or dealt with. |