CAP. 112]
42 cont.]
3 of 1949, s.15.
37 of 1950, Schedule.
Inland Revenue.
missioner may approve as equivalent to a Widows Provided that no and Orphans Pensions Scheme : 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 paragraphs (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) For the purpose of this Part-
"total income” means the total income of an individual and, save where she is entitled to be and has elected to be personally assessed, his wife, computed in accordance with the provisions of Parts II, III, IV, and V, as the case may be, including any interest paid or credited by a bank approved under proviso (a) to section 28 and, notwithstanding section 26, shall include the amount of any dividend from a corporation which is entitled to deduct tax under the provisions of section 27. The amount to be included in respect of any 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;
"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;
"child" of an individual includes a child by his wife or by a former wife and a 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 assessment of a year of assessment prior to the year 1950/51 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.
326
CAP. 112]
42 cont.]
3 of 1949, s.15.
37 of 1950, Schedule.
Inland Revenue.
missioner may approve as equivalent to a Widows Provided that no and Orphans Pensions Scheme : 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 paragraphs (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) For the purpose of this Part-
"total income” means the total income of an individual and, save where she is entitled to be and has elected to be personally assessed, his wife, computed in accordance with the provisions of Parts II, III, IV, and V, as the case may be, including any interest paid or credited by a bank approved under proviso (a) to section 28 and, notwithstanding section 26, shall include the amount of any dividend from a corporation which is entitled to deduct tax under the provisions of section 27. The amount to be included in respect of any 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;
"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 prin- cipal spouse;
"child" of an individual includes a child by his wife or by a former wife and a 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 assessment of a year of assessment prior to the year 1950/51 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.
326
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