Finance Act, 1942
|
Amendment of section 10 of the Finance Act, 1941. |
7.—Where, under section 10 of the Finance Act, 1941 (No. 14 of 1941), an amount is carried forward in respect of a loss and is deducted from or set-off against the profits in respect of which a person is chargeable with excess sur-tax for the year beginning on the 6th day of April, 1941, but owing to the said amount exceeding such profits part only of the said amount can be so deducted or set-off, so much of the said amount as exceeds such profits shall be further carried forward and shall, so far as it will extend, be deducted from or set-off against the profits in respect of which such person is chargeable with excess sur-tax for the year beginning on the 6th day of April, 1942, and, if the portion of the said amount so further carried forward is not fully met by such last mentioned deduction or set-off, the outstanding balance of the said amount shall be again carried forward and, so far as it will extend, be deducted from or set-off against the profits in respect of which such person is chargeable with excess sur-tax (if any) for the year beginning on the 6th day of April, 1943, and so on until the total of such deductions or set-offs under the said section 10 and this section is equal to the said amount carried forward under the said section 10. |