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

Regulations

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.