Section 7 Of The Income Tax Act
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Adjusted gross income means adjusted gross income as defined in section 62 of the internal revenue code as that section may be amended or renumbered.
Section 7 of the income tax act. Section 7 of income tax act 1961 2017 provides for income deemed to be received. For the purpose of the income tax act 7 2 1 nmsa 1978 and unless the context requires otherwise. The following incomes shall be deemed to be received in the previous year i the annual accretion in the previous year to the balance at the credit of an employee participating in a recognised provident fund to the extent provided in rule 6 of part a of the fourth schedule.
Furthermore for this section to apply the donator must still be alive at year end and any interest free loans may also be deemed to be donations. This section applies when the donor is alive at year end. 1 for the purposes of this act an individual is resident in malaysia for the basis year for a particular year of assessment if a he is in malaysia in that basis year for a period or periods amounting in all to one hundred and eighty two days or more.
1 short title 2 part i income tax 2 division a liability for tax 3 division b computation of income 3 basic rules 5 subdivision a income or loss from an office or employment 5 basic rules 6 inclusions 8 deductions 9 subdivision b income or loss from a business or property 9 basic rules 12 inclusions 18 deductions 22 ceasing to carry on business.
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