CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
of the year 1956 the same proportion that the amount of the excess of
emoluments in respect of which income tax is not discharged as provided
for in the said subsection (4) bears to the difference between the
emoluments received in respect of the year 1957 and the emoluments
received in respect of the year 1956.
(6) For the purpose of determining the amount of income tax on any
emoluments which form a part only of the total income assessed to income
tax pursuant to the provisions of this Act the amount of income tax on
such emoluments shall be an amount that bears to the full amount of
income tax so assessed the same proportion that the emoluments bear to
the total income.
(7) For the purposes of this section the expressions "employment",
"office" and "emoluments" shall have the respective meanings assigned to
those expressions by section 98 or section 100.
127. (1) Notwithstanding anything contained in this Act, other than the provisions
of section 126, but subject to this section, income tax on all income (other
than income tax on all emoluments within the meaning of section 100),
that would have been chargeable to tax for what would have been the year
of assessment 1963 had the Income Tax (Amendment) Act 1963 not been
passed, is hereby discharged. Discharge of tax for 1962
(2) Where the tax payable by any person for the year of income 1963 is
less than the tax that would have been payable for what would have been
the year of assessment 1963 had the Income Tax (Amendment) Act 1963
not been passed, the amount of tax to be discharged shall not exceed the
amount of tax assessed and paid for the year of income 1963, if -
(a) such person was in receipt of income for part only of the year
of income 1963; or
(b) such person was in receipt of income for part or the whole of
the year of income 1963, but the income -
(i) did not include income from such of the sources from
which the total income for what would have been the year
of assessment 1963, had the said Act not been passed, was
derived, as the Board may in any case determine, or
(ii) was income arising, accruing in, derived from or received
in Trinidad and Tobago in respect of a business,
trade, profession or vocation that, in the opinion of the
Board, has been voluntarily curtailed or reduced by such
person.
BIR Mac Edition 91/01 Page 135