Seventh Schedule : Benefits or Advantages Derived by reason of Employment or the Holding of any Office

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1. Definitions

2. Taxable benefits

2A.

3. Determination of cash equivalent of value of taxable benefit

4. Taxable Benefits Granted by Associated Institutions

5. Acquisition of an asset at less than actual value

6. Right of use of any asset (other than residential accommodation or any motor vehicle)

7. Right of use of motor vehicle

8. Meals, refreshments and meal and refreshment vouchers

9. Residential accommodation

10. Free or cheap services

10A.

11. Benefits in respect of interest on debt

12. Subsidies in respect of debt

12A. Contribution to a benefit fund

12B. Incurral of costs relating to medical services

12C. Benefits in respect of insurance policies

12D. Valuation of contributions made by employers to certain retirement funds

12E. Contribution to bargaining council

13. Payment of employee's debt or release of employee from obligation to pay a debt

13A. Deleted

14. Deleted

15. Deleted

16. Benefits granted to relatives of employees and others

17. Certificates by employers

18. Annual statements by employers

19. [Repealed] Offences

20. Amendments to this Schedule

 

[Seventh Schedule inserted by section 46 of the Income Tax Act, 1984 (Act No. 121 of 1984)]