Repeal and
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30. Section 42 of the principal Ordinance is repealed and replacement replaced by the following-
of section 42.
"Calcula tion of total income.
42. (1) For the purposes of this Part the total income of an individual for any year of assessment shall, subject to subsection (8), be the aggregate of the following amounts-
(a) the sum which is equivalent to that part of the net amount (after deduction of the allowance for repairs and outgoings) on which any property tax is chargeable on the individual which represents proportionately the part or parts of the land or buildings or land and buildings in respect of which the property tax is chargeable which have been let for any period during the year of assess- ment, taking into account both the area or areas let and the period or periods of letting; (b) the assessable income of the individual for that year of assessment less the outgoings, expenses, allowances and excesses provided for in sections 12 and 12A;
(c) the assessable profits of the individual for that year of assessment computed in accord- ance with Part IV: and
(d) the amount of any interest including that part of any annuity deemed to be interest. charged to interest tax under Part V. received by or credited to the individual during that year of assessment:
Provided that there shall be deducted from that part of the total income arising from paragraphs (2) and (d) the amount of any interest payable on any money borrowed for the purpose of producing that part of the total income where the amount of such interest has not been allowed and deducted under Part IV.
(2) There shall be deducted from the total in- come of an individual for any year of assessment- (a) subject to subsections (3) and (4), the
aggregate of approved charitable donation which are made during the year of assesse ment by the individual or his wife, not being
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a wife living apart from her husband, if such aggregate is not less than one hundred dollars; and
(b) the amount of the individual's loss or share of loss for that year of assessment computed in accordance with Part IV.
(3) An individual shall not be entitled under subsection (2)(a) to deduct for any year of assessmedt any sum which is allowable as a deduction under section 12(1)(c) or section 16, 16B, 16C or 16D.
(4) The total amount-
(a) of any sum which is allowable as a deduc-
tion under subsection (2)(a); and
(b) any sum which is allowable as a deduction
under section 12(1c) or section 16D,
shall not exceed ten per cent of the total amount of
()the total income of the individual for the
year of assessment: and
(ii) any sum which is allowable as a deduction
under section 12(1Xe) or section 160.
(5) Where in any year of assessment the amount of an individual's loss under subsection (2)(b) exceeds that individual's total income, after making the deductions under subsection (2)(a), the amount of such excess shall be carried forward and set off against the individual's total income for future years of assessment.
(6) Where under subsection (5) the amount of an individual's excess is brought forward to any year of assessment that individual shall, whether or not be bad elected under section 41 to be assessed under this Part, be deemed for the purposes of this Ordin- ance to have elected for personal assessment and shall be assessed to tax for that year of assessment under this Part.
(7) The amount of any excess set off under sub- section (5) against an individual's total income for any year of assessment shall not be set off for any other year of assessment.
(8) For the purposes of this Part the total in- come of an individual for any year of assessment
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