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(e) interest paid or payable for the purpose of producing the profits;
(f) where a person provides passages and/or leave pay for members of his staff proceeding on leave, and places annually to reserve in his accounts a sum to meet his commit- ments in respect thereof, he may claim that such sum be allowed as a deduction, and his claim shall be allowed on such conditions as the Commissioner may prescribe.
19. (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 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;
(g) 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.
computing
20.-(1) Save as provided in this section, the assessable Basis for profits liable to Profits Tax of any trade, profession or
profits. business 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.
(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 assessment. Where, however, the profits of any trade, pro- fession or business have been computed by reference to an account made up to a certain day, and no account is made up to the corresponding day in the year following, the profits from that source both of the year of assessment in which such failure occurs and of the two years of assessment following shall be computed on such basis as the Commissioner in his discretion thinks fit.
(3) Where a person commences to carry on a trade, profession or business in the Colony on a day within a year of assessment, the profits arising therefrom for the period from such date to the end of the year of assessment shall be the assessable profits for such year of assessment.
(4) Where a person has commenced to carry on a trade, profession or business on a day within the year preceding a year of assessment, the assessable profits for that year of assessment shall be the profits for one year from such day.
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