Category: Definitions – ITA

“Associated institution” definition of Seventh Schedule

Posted on by admin_kmos

For the purposes of this Schedule, unless the context otherwise indicates –

 

“associated institution”, in relation to any single employer, means –

 

(a)     where the employer is a company, any other company which is associated with the employer company by reason of the fact that both companies are managed or controlled directly or indirectly by substantially the same persons; or

 

(b)     where the employer is not a company, any company which is managed or controlled directly or indirectly by the employer or by any partnership of which the employer is a member; or

 

(c)     any fund established solely or mainly for providing benefits for employees or former employees of the employer or for employees or former employees of the employer and any company which is in terms of paragraph (a) or (b) an associated institution in relation to the employer, but excluding any fund established by a trade union or industrial council and any fund established for postgraduate research otherwise than out of moneys provided by the employer or by any associated institution in relation to the employer;

“Bank” definition of section 24JA of ITA

Posted on by admin_kmos

 (1)       For the purposes of this section- ‘bank’ means any-

 

(a)     bank as defined in section 1 of the Banks Act;

 

(b)     mutual bank as defined in section 1 of the Mutual Banks Act, 1993 (Act No. 124 of 1993); or

 

(c)     co-operative bank as defined in section 1 of the Co-operative Banks Act, 2007 (Act No. 40 of 2007);

“Base cost” definition of section 41 of ITA

Posted on by admin_kmos

“base cost” means the base cost as defined in paragraph 1 of the Eighth Schedule: Provided that where the base cost of an asset as at a specific date is to be determined as contemplated in paragraph 26 or 27 of the Eighth Schedule, the amount thereof must, for purposes of section 42 or 44, be determined as if that asset had been disposed of on that date for an amount received or accrued equal to the market value of that asset as at that date;