Page 16 - Test 4 Slides - Individual Class Slides

INDIVIDUALS & RING FENCING

Employee benefits (Seventh Schedule benefits)

• Paragraph (i) of the definition of gross income in

section 1 of the Act includes the cash equivalent of

the value of a taxable benefit, granted by an

employer or an associated institution, in gross

income.

• Paragraph 2 of the Seventh Schedule describes the

different types of taxable benefits and the cash

equivalents are determined in terms of paragraphs

5 to 13

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