Page:Inland Revenue Ordinance, 1947 (Cap. 112).pdf/31

A.D. 1947]

44. (1) Tax shall be charged on the total income reduced by the allowances under section 43 at the following rates—
 * (a) Upon the first five thousand dollars at one-quarter of the standard rate.
 * (b) Upon the next five thousand dollars at one-half of the standard rate.
 * (c) Upon the next five thousand dollars at three-quarters of the standard rate.
 * (d) Upon the next five thousand dollars at the standard rate.
 * (e) Upon the next five thousand dollars at the standard rate plus one-quarter thereof.
 * (f) Upon the next five thousand dollars at the standard rate plus one-half thereof.
 * (g) Upon the next five thousand dollars at the standard rate plus three-quarters thereof.
 * (h) Upon the remainder at twice the standard rate.

Provided that where an individual is liable to tax under this Chapter for a part only of any year of assessment, the sums under (a), (b), (c), (d), (e), (f) and (g) of this section shall be reduced in the proportion which the number of days during which he is so liable bears to the number of days in that year of assessment.

(2) Any tax which shall have been paid whether directly or by deduction under the provisions of section 7 or 30 and any tax which a corporation has deducted or is entitled to deduct under the provisions of section 28 and any Business Profits tax which shall have been paid or charged upon any part of the income under the provisions of Chapter IV shall, when the relevant income is included in the total income of any individual, be set off for the purposes of collection against the tax charged on that individual. Any excess of tax so borne by deduction over the tax payable by an individual shall be repayable by the Commissioner on receipt of a claim in the form prescribed and on the Commissioner being satisfied that the claim is in order.