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How do IT3(b)s work for accrued interest to prevent double taxation?

Posted 13 September 2014 under Tax Q&A


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An IT3(b) certificate from my bank for a fixed deposit usually saysNet Accrued: XNet Earned: YInterest: X+YSo X+Y should be declared on my tax return under code 4201 if I understand SARS guidelines correctly.If that is the case, since the accrued interest is not yet paid to me, the following year it will be paid out.Then would it not occur in Net Earned the following year and essentially be taxed again? Or does the IT3(b) take that into account?

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TaxTim TaxTim says:
14 September 2014 at 7:58

The IT3(b) will take that into account for the next year.


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