theincometaxact1995.docVIP

THE INCOME TAX ACT 1995 (Consolidated Version) (with amendments to 08 August 2003)  THE INCOME TAX ACT 1995 (Consolidated Version) ARRANGEMENT OF SECTIONS PART I - PRELIMINARY Section 1. Short title 2. Interpretation 3. Application of Act PART II - LIABILITY TO INCOME TAX 4. Imposition of tax 5. Derivation of income 6. Income to be expressed in Mauritius currency 7. Exempt income PART III - PERSONAL TAXATION 8. Application of Part III Sub-Part A - Gross Income 9. Income of a married woman 10. Income included in gross income 11. Emoluments received in arrears 12. Income received in anticipation 13. Valuation of trading stock 14. Transfer of trading stock with other assets or for inadequate consideration 15. Deemed income arising from expenditure or loss discharged 16. Apportionment of income on incorporation and disincorporation  Sub-Part B - Allowable Deductions 17. Deduction in connection with employment 18. Expenditure incurred in the production of income 19. Expenditure incurred on interest in the production of income 20. Losses 21. Bad debts and irrecoverable sums 22. Contributions to superannuation fund 23. Pensions to former employees 24. Annual allowance 25. Investment allowance 26. Unauthorised deductions Sub-Part C - Personal Reliefs and Deductions 27. Reliefs and deductions limited to individuals resident in Mauritius 28. Emoluments relief 28A. Agricultural income relief 29. Relief for contribution to certain funds and schemes 30. Interest relief 31. Relief for life insurance premium 32. Relief for premium on personal pension scheme 33. Relief for premium on retirement annuity 34. Relief for contribution to medical scheme and for ambulance services 35. Savings relief 36. Investment relief 36A. Relief for shares traded on the Official List of the Stock Exchange 36B. Relief for investment in Re