INCOME TAX ACT 1967 (ACT 53)
PART III - ASCERTAINMENT OF CHARGEABLE INCOME
Chapter 4- Adjusted income and adjusted loss




Section 34. Special provisions applicable to adjusted income from a business.


(1) In ascertaining the adjusted income of a person from a business for the basis period for a year of assessment, deductions shall be made from the gross income from the business for that period in accordance with the following subsections (the person, business, period and gross income in question being referred to in those subsections as the relevant person, the business, the relevant period and the relevant gross income respectively).

(2) There shall be deducted in the case of any debt as defined in subsection (3)-

the deduction being in either case reduced by the amount of any deduction made under this subsection rerespect of the debt for the basis period for a year of assessment prior to the year of assessment to which the relevant period relates.

(3) In subsection (2) "debt" means-

(4) Where in the relevant period the relevant person has made a contribution to an approved scheme in respect of an employee of his, then-

[Am. Act 578:s.9]
(5) Where on the first establishment of a scheme of the kind referred to in subsection (4) a special contribution thereto is made in the relevant period by the relevant person whereby any of his employees engaged in activities relating to the production of the relevant gross income or gross income of the relevant person from the business for the basis period for a year of assessment (that basis period being prior to the relevant period) may qualify for the benefits under that scheme, the Director General may when approving that scheme authorize deductions in respect of that special contribution of such amounts (being amounts which in total are equal to or less than the special contribution) from the gross income of the relevant person from the business for the basis periods for such years of assessment as he thinks fit.

(6) There may be deducted from the relevant gross income-

[Am. Act 476:s.5]
[Am. Act 497:s.4]
[Ins. Act 476:s.5; Am. Act 497:s.4]
[Ins. Act 497:s.4; Am. Act 557:s.8]
[Ins. Act 513:s.6; Am. Act 557:s.8]
[Ins. Act 557:s.8; Am. Act 591:s.4; Am. Act 608:s.6]
[Ins. Act 557:s.8; Am. Act 578:s.9]
[Ins. Act 557:8; Am. Act 578:s.9; Am. Act 608:s.6]

[Ins. Act 578:s.9; Am. Act 608:s.6]





[Ins. Act 608:s.6; Am. Act 619:s.4]

[Subs. Act 608:s.6; Am. Act 619:s.4]
[Ins. Act 619:s.4]

(7) There may be deducted from the relevant gross income any expenditure, not being capital expenditure incurred on plant, machinery, fixtures, land, premises, buildings, structures or works of a permanent nature or on alterations, additions or extensions thereof or in the acquisition of any rights in or over any property, incurred by the relevant person during the relevant period on scientific research related to the business and directly undertaken by him or on his behalf.

(8) Where any deduction in respect of any matter is capable of being made under this section, no deduction or allowance in respect of that matter shall be made under section 33 or Schedule 3, as the case may be.
[Am. Act 476:s.5]

Related reading:
[ Act 513:s.6; Act 578:s.9; Act 476:s.5; Act 497:s.4; Act 608:s.6; Act 619:s.4]


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