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Income Tax Act, 1962 (Act No. 58 of 1962)


Regulations in terms of section 12T(8) of the Income Tax Act, 1962, on the requirements for Tax Free Investment

Part VIII : Transactions not allowed

15. Certain transactions not allowed


A tax free investment may not be utilised as an account—

(a) against which debit orders or stop-orders may be debited;
(b) from which payments or withdrawals may be made from any automatic teller machine or any similar device that dispenses cash to an account holder;
(c) from which payments may be made with a debit card or credit card.