Description

An IT3(b) return must be completed where the following amounts are received or accrued:

• local and foreign interest and dividends
• profits as a result of the redemption of bearer instruments 
• gross amounts as a result of property rentals
• royalties or fees for the use of a patent, design, trademark or copyright or for the imparting of knowledge connected with the use of a patent.
  

An IT3(c) return must be completed where the following amounts are received or accrued and come from the following sources:

• proceeds from the sale of unit trusts
• proceeds from the sale of other financial instruments.
  

An IT3(e) return must be completed where the following amounts are received or accrued and come from the following sources:

• income payments derived from the sale or shipment of livestock/produce/timber/ores/minerals/precious stones
• bonuses to members of co-operative companies or societies.
  

Note: The above mentioned returns are part of IT3 – Return of general information.

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Steps to follow

• Complete the IT3 – Return of general information and the first copy of the
• IT3(b) – Certificate of income from investments, property, rights and royalties
• IT3(c) – Certificate of income in respect of the disposal of unit trust or other financial
• IT3(e) – Return of purchases/sales/shipments of livestock/produce/timber/ores/minerals/precious stones or bonuses paid/accrued to members of co-operative companies or societies instruments
  

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Legal framework

The relevant sections of the Income Tax Act No.58 of 1962 that are involved include the following:

• Reporting of IT3(b) extracts must be done in accordance with Sections 69, 70 and 71 of the Income Tax Act No. 58 of 1962 as amended.
• Reporting of IT3(c) extracts must be done in accordance with Section 70A and 70B of The Income Tax Act No. 58 of 1962 as amended.  
• Reporting of IT3(e) extracts must be done in accordance with Sections 69 and 70 of The Income Tax Act No. 58 of 1962 as amended.
  

An institution’s client may be an Individual, Trust, Company or Close Corporation.

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Service standard

There is no set time frame.

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Cost

The service is free.

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Forms to complete

• Return of general information, IT3
• IT3(b) – Certificate of income from investments, property, rights and royalties
• IT3(c) – Certificate of income in respect of the disposal of unit trust or other financial
• IT3(e) – Return of purchases/sales/shipments of livestock/produce/timber/ores/minerals/precious stones or bonuses paid/accrued to members of co-operative companies or societies instruments.

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Contact details