Step 5 - Non Taxable Income

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What is Non-Taxable Income

Capital Gains

Capital gains are not taxable. Examples of these are:

  1. gains on sale of fixed assets; and
  2. gains on foreign exchange on capital transactions.

Income Exempted from Tax

Certain types of income are specifically exempted from tax under the Income Tax Act, subject to conditions. Examples of these are:

  1. certain shipping income derived by a shipping company under Section 13A and Section 13F;
  2. foreign-sourced dividends, branch profits & service income received by a resident company under Section 13(8); and
  3. company’s gains on disposal of equity investments under Section 13Z.

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