CO129-615-2 Income tax 10-3-1947 - 6-2-1948 — Page 105

No. 20]

INLAND REVENUE.

[A.D. 1947

Ascertain-

ment of Profits.

Provided that--

(i) where the profits assessable under this section from a trade, profession or business, or trades, professions or businesses aggregated under the provisions of sub- section (2) of this section, do not exceed the sum of seven thousand dollars no tax shall be chargeable in respect thereof;

(ii) the Profits Tax payable by any person other than a corporation in respect of the profits from any trade, profession or business shall not be more than the amount by which the profits from such trade, profession or business exceed the sum of seven thousand dollars.

(iii) for the purpose of assessing the profits of a trade, profession or business, a husband and wife who are not living apart from each other under the decree of a competent court or a duly executed deed of separation shall be deemed to be one person.

17. (1) For the purpose of ascertaining the profits of any person there shall be deducted all outgoings and expenses wholly and exclusively incurred during the basis period for the year of assessment by such person in the produc- tion of the profits, including

(a) sums payable by such person by way of interest upon any money borrowed by him, provided that the interest was payable on capital employed in acquiring the profits;

(b) rent paid by any tenant of land or buildings occupied by him for the purpose of acquiring the profits;

(c) the allowances provided by Chapter VI (Depreciation)

(d) bad debts incurred in any trade, business or profession, proved to have become bad during the basis period for the year of assessment, and doubtful debts to the extent that they have become bad during the said basis period notwith- standing that such bad or doubtful debts were due and payable prior to the commencement of the said basis period, provided that all sums recovered during the said basis period on account of amounts previously written off or allowed in respect of bad or doubtful debts shall for the purposes of this Ordinance be treated as receipts of the trade, business or profession for that basis period;

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