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(iv) in considering whether any and, if so, what balancing allowance or balancing charge falls to be made in respect of the new machinery or plant, the initial allowance in respect thereof shall be deemed to have been increased by an amount equal to the amount on which the charge would have been made.
41. Expenditure on the provision of machinery or plant shall include capital expenditure on alterations to an existing building incidental to the installation of that machinery or plant for the purposes of the trade, profession or business.
Election to be personally assessed.
Allowances.
CHAPTER VII.
Personal Assessment.
42. Any individual may, by notice in writing to the Commissioner, elect to be personally assessed on his total income. Such election shall be made not later than the last day of the year following the year of assessment to which it relates.
43. (1) In giving effect to an election under the pro- visions of this Chapter the Assessor shall make a single assessment in the sum of the total income, reduced by the following allowances-
(a) An allowance of seven thousand dollars.
(b) An allowance of five thousand dollars if at any time during the year preceding the year of assessment the individual had a wife.
(c) An allowance of two thousand dollars if the indivi- dual had living at any time during the year preceding the year of assessment an unmarried child who was under the age of 21 years, and where he had more than one such child, an allowance of two thousand dollars for the second child and one thousand dollars each for the third and fourth child and two hundred dollars for each subsequent child:
Provided that—
(i) no such allowance shall be made in respect of a child whose income from any source for the year preceding the year of assessment exceeded two thousand dollars;
(ii) no such allowance shall be made in respect of a child who carried on or exercised during the year preceding the year of assessment a trade, profession, business, vocation or employment, other than employment proved to the satis- faction of the Commissioner to be apprenticeship;
(iii) the total allowances in respect of children shall not exceed in all seven thousand dollars.
(d) The annual amount of any premium paid in respect of any individual on the life of the individual or on the life of his wife in any Insurance Company or the annual contribu- tion made by the individual to the Widows' and Orphans' Pensions Scheme of the Colony or such other scheme or fund as the Commissioner may approve as equivalent to a Widows' and Orphans' Pensions Scheme:
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