Income Tax Act, 1967.

• Permanent Page URL

Chapter V

Miscellaneous and General

Manner of granting allowances and charging tax in certain cases.

295.—(1) Any claim by a person for an allowance falling to be made to him under any of the provisions of this Part in charging the profits or gains of his trade shall be included in the annual statement required to be delivered under this Act of the profits or gains thereof, and the allowance shall be made as a deduction in charging those profits or gains, and section 241 (3) shall apply in relation to the allowance as it applies in relation to deductions allowable in respect of wear and tear of machinery and plant.

(2) Any charge falling to be made under any of the provisions of this Part on a person for any year of assessment in charging the profits or gains of his trade shall be made by means of an assessment in addition to any other assessment falling to be made thereon for that year.

(3) The preceding provisions of this section shall apply in relation to professions, employments and offices as they apply in relation to trades.