1. HomeBaile
  2. ActsAchtanna
  3. 1967
  4. Income Tax Act, 1967.

Income Tax Act, 1967.

Restriction on deductions in computing profits.

535.—(1) In arriving at the amount of profits or gains for the purpose of income tax—

(a) no other deductions shall be made than such as are expressly enumerated in this Act;

(b) no deduction shall be made on account of any annual interest, annuity or other annual payment to be paid out of such profits or gains in regard that a proportionate part of the tax is allowed to be deducted on making any such payment.

(2) In arriving at the amount of profits or gains from any property described in this Act, or from any office or employment of profit, no deduction shall be made on account of diminution of capital employed, or of loss sustained, in any trade or in any profession or employment.