Finance (Profits of Certain Mines) (Temporary Relief From Taxation) Act, 1956

Computation of net income tax.

4.—(1) Subject to subsection (2) of this section, a reference in this Act to the net income tax for any year of assessment shall be construed as a reference to the income tax chargeable on the company for the year under Schedule D, after all allowances, deductions or set-offs due have been granted, in respect of the profits computed for the purpose of assessment, that income tax being diminished by income tax, computed at the standard rate of tax, on the amount of any payment payable by the company out of the profits, which, otherwise than under Rule 20 of the General Rules, the company is entitled to charge against any other person or to deduct, retain or satisfy out of any payment to any other person.

(2) Where a deduction is allowed, in arriving at the amount of the profits computed for the purpose of assessment to income tax under Schedule D, on account of the annual value of any lands, tenements or hereditaments assessed under Schedule A, there shall, for the purpose of arriving at the net income tax, be added, to the income tax chargeable on the amount of the profits under Schedule D, the excess of the income tax contained in the assessment (as reduced for the purposes of collection, if it is so reduced) in respect of the said lands, tenements or hereditaments under Schedule A for the year of assessment over income tax computed at the standard rate of tax on any rent or annual payment to which the said lands, tenements or hereditaments are subject.