Income Tax Act · 2024 Revised Edition · Part · Ascertainment of Income
12. Deductions not allowed
Official textFrom Attorney General's Chambers, unchanged
Subject to the provisions of this Act, for the purpose of ascertaining the income of any person, no deduction shall be allowed in respect of —
domestic or private expenses;
any disbursements or expenses not being money wholly and exclusively laid out or expended for the purpose of acquiring the income;
any capital withdrawn or any sum employed or intended to be employed as capital;
any capital employed in improvements, other than improvements effected in the replanting of a plantation;
any sum recoverable under an insurance or contract of indemnity;
rent or cost of repairs to any premises or part of premises not paid or incurred for the purpose of producing the income;
any amount paid or payable in respect of any
United Kingdom income tax or surtax, or Commonwealth income tax as defined by section 40, or in respect of any excess profits tax or profits tax charged in any part of the Commonwealth;
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any payment to any provident, savings, widows’ and orphans’ or other society or fund, except such payments as are allowed under section 11(1)(e) and (f).
Notwithstanding anything in this Act, where a person is required under section 55, 55A or 65(3) to furnish to the Collector any document, statement or particulars within the time specified in the notice given under those sections or such further time as the Collector may allow under those sections and that document, statement or particulars concerns wholly or in part a deduction claimed by that person in ascertaining the income of that person from any source in the basis period for the year of assessment, no deduction from the income from that source in that period shall be allowed in respect of such claim if the person fails to provide the document, statement or particulars within the time specified in the notice or such further time as the Collector may allow.
Collector
“Collector” means the Collector of Income Tax appointed under section 3 and includes for all purposes of this Act, except the powers conferred on the Collector by sections 76, 79, 80 and 83, a Deputy Collector so appointed;
Terms defined in s 2
Collector
Defined · s 2“Collector” means the Collector of Income Tax appointed under section 3 and includes for all purposes of this Act, except the powers conferred on the Collector by sections 76, 79, 80 and 83, a Deputy Collector so appointed;
plantation
Defined · s 2“plantation” means any land used for the growing and harvesting of crops;
replanting
Defined · s 2“replanting” means the replacement of the crop of any product on any area of land by the planting on the same area of a crop of the same product;
year of assessment
Defined · s 2“year of assessment” means the period of 12 months commencing on the 1st day of January 1950 and each subsequent period of 12 months.
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Ascertainment of Statutory Income
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Ascertainment of Assessable Income
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Ascertainment of Chargeable Income and Personal Reliefs
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Part 9
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Returns
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Assessments
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Reviews and Appeals
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Collection, Recovery and Repayment of Tax
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