INCOME TAX ACT 1967 (ACT 53)
PART III - ASCERTAINMENT OF CHARGEABLE INCOME
Chapter 5-Statutory income




Section 42. Statutory income.


(1) Subject to this Act, the statutory income (if any) of a person from a source for a year of assessment (that year of assessment being in this section referred to as the relevant year) shall consist of-

reduced by the amount of any allowance or the aggregate amount of the allowances falling to be made for the relevant yew under that Schedule in relation to that source.

(2) Where the basis period for the relevant year overlaps the basis period for the immediately preceding year of assessment, the amount of adjusted income for the basis period for the relevant year shall be taken to be reduced by a sum determined in accordance with the formula-


A x B
C


Where
A is the amount of the adjusted income for the basis period for the relevant year;
B is the length of the period of the overlap; and
C is the length of the basis period for the relevant year."
[Am. Act A1055:s.4]


Related reading:
[Act A1055:s.4]


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