A.D. 1947
INLAND REVENUE.
[No. 20
(e) such other deductions as may be prescribed by any rule made under this Ordinance.
(2) The Governor in Council may by rules provide for the method of calculating or estimating the deductions allowed or prescribed under this Ordinance.
18. (1) For the purpose of ascertaining profits no Deductions deduction shall be allowed in respect of—
(a) domestic or private expenses, including the cost of travelling between residence and place of business;
(b) any disbursements or expenses not being money expended for the purpose of producing the profits;
(c) any expenditure of a capital nature or any loss or withdrawal of capital;
(d) the cost of any improvements;
(e) any sum recoverable under an insurance or contract of indemnity;
(f) rent of, or expenses in connexion with, any premises or part of premises not occupied or used for the purpose of producing the profits;
(9) any tax paid or payable under this Chapter.
(2) In computing the profits or losses of a partnership, nothing shall be deducted for salaries or other remuneration of partners or for interest on partners' capital or loans.
not allowed.
19. (1) Save as provided in this section, the assessable Basis for profits liable to Profits Tax of any trade, profession or business computing
profits. for any year of assessment shall be the full amount of its profits arising in or derived from the Colony during the year preceding the year of assessment: Provided that for the year of assessment 1947/48 a person assessable to Profits Tax, by giving notice in writing to the Commissioner on or before the thirty-first day of March, 1949, may require that his assessment be adjusted to the profits arising during that year of assessment.
(2) Where the Commissioner is satisfied that the accounts of a trade, profession or business carried on or exercised in the Colony are usually made up to some day other than the thirty-first day of March, he may direct that the profits from that source be computed on the amount of the profits of the year ending on that day in the year preceding the year of
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