Section 118: Approved return date

118. Approved return date (1) Any person engaged in business opting for bona fide commercial reasons to change his return date shall apply to the Director-General, within 6 months of the date of his last balance sheet, for approval of the change. (2) The Director-General shall not approve any change under this section where no return has been submitted under section 116 in respect of any of the last 3 income years. (3) The Director-General may approve or refuse to approve the change under this section and shall give notice of his decision to the applicant within 30 days of the date of receipt of the application under subsection (1). (4) Where a change in return date is approved under this section, the basis on which the profit derived by the applicant from his business in the income year in which the return date is changed shall be computed in such manner as may be prescribed. (5) — [S. 118 repealed and replaced by s 19 (n) of Act 14 of 2005 w.e.f. 1 July 2005; amended by s. 15 (l) of Act 18 of 2008 w.e.f. 19 July 2008; s. 21 (m) of Act 14 of 2009 w.e.f. 1 July 2009; s. 10 (l) of Act 20 of 2009 w.e.f. 19 December 2009.]