INCOME TAX ACT 1967 (ACT 53)
PART III - ASCERTAINMENT OF CHARGEABLE INCOME
Chapter 3- Gross income




Section 24. Basis period to which gross income from a business is related.




(1) Where in the relevant period a debt owing to the relevant person arises in respect of-

the amount of the debt shall be treated as gross income of the relevant person from the business for the relevant period.

(2) Where in the relevant period any stock in trade of a business of the relevant person is-

(3) Where in a case to which subsection (2) applies the consideration for the withdrawal of any stock in trade is consideration of the kind described in paragraph (b) (ii) or (iii) of that subsection, then, for the purposes of that subsection-

(4) Subject to section 3, where in the relevant period a dividend is paid, credited or distributed to the relevant person, then, if the stock, share or other source to which the dividend relates forms or has formed in or before the relevant period part of the stock in trade of a business of the relevant person-
[Am. Act A226:s.9]
(5) Subject to section 3, where in the relevant period any gross interest first becomes receivable by the relevant person, then, if the debenture, mortgage or other source to which the interest relates forms or has formed in or before the relevant period part of the stock in trade of a business carried on by or on behalf of the relevant person, or if the interest is in respect of a loan granted in or before the relevant period in the course of carrying on the business and the business is one which includes the regular lending of money
[Am. Act A226:s.9]
(6) Where in the relevant period any article, product, produce or other thing is exported from Malaysia in the course of carrying on a business in such circumstances that section 12 (1) applies thereto in relation to the business-

(7) Where this section applies to any particular item of gross income, nothing in sections 25 to 29 and nothing in section 30 shall apply to that item.

(8) This section shall not apply to income under section 4A.

[Ins. Act 293:s.10]


    Related reading:

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Related reading:
[Act A226:s.9; Act 293:s.10]


Copyright 2002 PNMB LawNet. All rights reserved.