Income Tax Act 1967 Part III — Ascertainment of chargeable income

s 18–s 76 · 86 sections

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s 18Interpretation of Part III s 19Supplementary provisions for the interpretation of Part III s 20Basis years s 21Basis period of a person other than a company, trust body or co-operative society s 21ABasis period of a company, trust body or co-operative society s 22Gross income generally s 23Interpretation of sections 24 to 28 s 24Basis period to which gross income from a business is related s 25Basis period to which gross income from an employment is related s 26Basis period to which gross income in respect of dividend is related s 27Basis period to which gross income in respect of interest, etc., is related s 28Basis period to which gross income not provided for by sections 24 to 27 is related s 29Basis period to which income obtainable on demand is related s 30Special provisions applicable to gross income from a business s 31 s 32Special provisions applicable to gross income from an employment s 33Adjusted income generally s 34Special provisions applicable to adjusted income from a business s 34ASpecial deduction for research expenditure s 34BSpecial deduction for contribution to an approved research institute or payment for use of services of an approved research institute or company s 35Stock in trade s 36Power to direct special treatment in the computation of business income in certain cases s 37 s 38Special provisions applicable to adjusted income from an employment s 38ALimitation on deduction of entertainment expenses s 39Deductions not allowed s 40Adjusted loss s 41Ascertainment of adjusted income or adjusted loss from a business for an accounting period s 42Statutory income s 43Aggregate income s 44Total income s 44AGroup relief for companies s 45Chargeable income and aggregation of husband’s and wife’s income s 45ADeduction for husband s 46Deduction for individual and Hindu joint family s 46ADeduction for individual on interest expended s 47Deduction for wife or former wife s 48Deduction for children s 49Deduction for insurance premiums s 50Application of section 49 where husband and wife are living together s 51Deduction must be claimed s 52Modification of Part III in certain special cases s 53Trade associations s 54Sea and air transport undertakings s 54AExemption of shipping profits s 54B s 55Partnerships generally s 56Successive partnerships s 57Provisions applicable where partnership is a partner in another partnership s 58Income receivable by partnership otherwise than from partnership business s 59Partnership losses s 60Insurance business s 60AInward re-insurance: chargeable income, reduced rate and exempt dividend s 60BOffshore insurance: chargeable income, reduced rate and exempt dividend s 60CBanking business s 60D s 60E s 60FInvestment holding company s 60GForeign fund management company s 60HClosed-end fund company s 60AAApplication of sections 60 and 60A to a takaful business s 60ABChargeable income of life fund subject to tax s 60FAInvestment holding company listed on Bursa Malaysia s 61Trusts generally s 61AExemption of Real Estate Investment Trust or Property Trust Fund s 62Discretionary trusts s 63Trust annuities s 63ASpecial deduction for qualifying capital expenditure s 63BSpecial deduction for expenses s 63CSpecial treatment on rent from the letting of real property of a Real Estate Investment Trust or Property Trust Fund s 63DIncome of a unit trust from the letting of real property is not income from a business s 64Estates under administration s 65Settlements s 65ACo-operative Societies s 66Personal chargeability: general principle s 67Vicarious responsibility and chargeability s 68Power to appoint agent s 69Incapacitated persons s 70Non-residents s 71Masters of ships and captains of aircraft s 72Hindu joint families s 73Trustees s 74Executors s 75Companies and bodies of persons s 75ADirector’s liability s 76Rulers and Ruling Chiefs

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Provisions on this page are reproduced verbatim from official open data. See the attribution line.

Text as at 1 January 2006 (LOM reprint); amendments made after that date may not be incorporated. Read the official text ↗

Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).

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