Expenditure
om machinery or plant.
Election to
be personally
téspod.
AllowADSAK.
20
what
(iv) in considering whether any and, if 80, 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.
CHAPTER VII.
Personal Assessment.
42. (1) Any individual being a resident of the Colony may, by notice in writing to the Commissioner, elect to be personally assessed on bis 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.
(2) of the purpose of this Section--
"resident of the Colony" means an individual who stays in the Colony for a period or a number of periods amounting to more than one hundred dud eighty days during the year of asseskinent in respect of which the election is made or for a period or periods amounting to more than three hundred days in two consecutive years of assessment, one of which is the year of assessment in respect of which the election is made.
43. (1) In giving effect to an election under the pro- visions of this Chapter the Assessor shall make a single nasessment 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 sovessment 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 satie faction of the Commissioner to be apprenticeship;
(iii) the total allowances in respect of children shall
not exceed in all seven thousand dollars.
of
(d) The annual amount of any premium paid in respect 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 fun as the Commissioner may approve as equivalent to a Widows' and Orphans' Pensions Scheme:
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Provided that no such deduction shall be allowed in respect of any such annual amount of premium or contribution beyond an amount equal to one-sixth part of the total income of such individual before making the deductions specified in (b), (c), (d) and (e) of this subsection.
(e) Sums payable by way of interest on any money borrowed for the purpose of producing the income or any part thereof.
2
(2) * For the purpone of this chapter--
(a) "total income" means the total income of au individual computed in accordance with the provisions of Chapters II, III, IV and V, as the case may be, and shall include the amount of any dividend from a corporation which is entitled to deduct tax under the provisions of section 28. The amount to bo included in respect of such dividend is the net dividend received plus the tax which the corporation has deducted or is entitled to deduct in respect of that dividend.
(5) "wife" means the lawful wife of any individual married to him by a Christian marriage or its civil equivalent, or in the case of a Chinese or any other Asiatic the principal spouse.
(c) "child" of an individual includes a child by his wife or by a former wife and u step-child. It includes also an adopted child and, in the case of Asiatics, a child by his concubine if such child is recognized by him and his family as a member of his family.
(3) An individual who is liable to tax for a part only of a year of assessment shall be entitled for that year to the same proportion only of the allowances under this section as the number of days during which he is liable bears to the number of days in that year of assessment,
(4) Every individual who claims an allowance under this section shall make his claim on the prescribed form. Such allowance shall be granted if the claim contains such parti- culars and is supported by such proof as the Commissioner may require.
BALEE of
44. (1) Tax shall be charged on the total income reduced by the allowances under section 43 at the following charge.
rates--
(a) Upon the first five thousand dollars at one-quarter of the standard rate.
(6) Upon the next five thousand dollars at one-half of the standard rate.
(c) Upon the next live thousand dollars at three-quarters of the standard rate.
rate.
(d) Upon the next five thousand dollars at the standard
(e) Upon the next five thousand dollars at the standard rate plus one-quarter thereof.
(f) Upon the next five thousand dollars at the standardi rate plus one-half thereof.
(g) Upon the next five thousand dollars at the standard rate plus three-quarters thereof.
(4) Upon the remainder at twice the standard rate.