INCOME TAX ACT 1967 (ACT 53)
PART III - ASCERTAINMENT OF CHARGEABLE INCOME
Chapter 8-Special cases




Section 63B. Special deduction for expenses.




(1) In ascertaining the total income of a unit trust for the basis period for a year of assessment, there shall be deducted before any deduction falling to be made under paragraph 44 (1)(c) an amount in respect of expenses incurred by that unit trust during that period, which amount shall be determined in accordance with the formula-



A X B,
4C


Where
A is the total of the permitted expenses incurred for that basis period;
B is the gross income consisting of dividend, interest and rent chargeable to tax for that basis period; and
C is the aggregate of the gross income consisting of dividend (whether exempt or not), interest and rent, and gains made from the realisation of investments (whether chargeable to tax or not) for that basis period:

Provided that-

(2) For the purposes of this section-

"permitted expenses" means expenses incurred by the unit trust in respect of-

which are not deductible under subsection 33 (1).

[Ins. Act 420:s.11]

Related reading:
[Act 420:s.11]


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