On 23/05/2013,
you requested for the version in force on 23/05/2013
incorporating all amendments published on or before 23/05/2013.
The closest version currently available is that of 06/12/2007.
20. Section 35 of the principal Act is amended —
(a)
by deleting subsection (4) and substituting the following subsection:
“(4) Where the Comptroller is satisfied that any person usually makes up his accounts to a day other than 31st December, he may direct that —
(a)
where the person is not an individual or a Hindu joint family, the statutory income of that person from all sources be computed on the amount of gains or profits of the year ending on that day in the year preceding the year of assessment;
(b)
where the accounts relate to a partnership, the income of the partnership be computed under section 36 on the amount of gains or profits of the year ending on that day in the year preceding the year of assessment; or
(c)
where the person is an individual or a Hindu joint family, the statutory income of that person from any trade, business, profession or vocation to which the accounts relate be computed on the amount of gains or profits of the year ending on that day in the year preceding the year of assessment.”;
(b)
by deleting the full-stop at the end of paragraph (f) of subsection (5) and substituting a semi-colon, and by inserting immediately thereafter the following paragraphs:
“(g)
derived during the period from 1st January 2006 to 31st December 2006 shall be treated as his statutory income for the year of assessment 2007 and be charged to tax at the rate applicable to him for that year of assessment;
(h)
derived during the period from 1st January 2007 to 31st December 2007 shall be treated as his statutory income for the year of assessment 2008 and be charged to tax at the rate applicable to him for that year of assessment.”;
(c)
by deleting the words “from a trade, business, profession or vocation” in subsection (6);
(d)
by deleting the words “from the trade, business, profession or vocation” in subsection (6);
(e)
by deleting the words “in the case of any trade, business, profession or vocation” in subsection (7); and
(f)
by deleting subsection (16) and substituting the following subsection:
“(16) In subsection (15), “statutory income of the trustee” does not include —
(a)
in relation to a trustee of a real estate investment trust within the meaning of section 43(10), any income from any trade or business carried on by the trustee other than the income of the kinds referred to in section 43(2A)(a) (i), (ii), (iii) and (iv);
(b)
in relation to a trustee of an approved sub-trust of a real estate investment trust within the meaning of section 43(10), any income from any trade or business carried on by the trustee other than income of the kinds referred to in section 43(2A)(b) (i) and (ii); or
(c)
in relation to a trustee of any other trust, any income from any trade or business carried on by the trustee.”.