Removal of Secr«y (Details of Income) Rules. 1.995

L.N. fiG or 1995

INCOME TAX l\1ANAGEMENT ACf.1994

(ACT NO. XVIII OJ<' 1994)

Removal of Secr«y (Details of Income) Rules. 1.995

IN exercise of the powers conferred by sections 4 and 57 of the

J/1OOfTlC Tax MllJIagellleol Act. 1994,llereinafter refcrred 103$ "the Aa" .

and forthe PUIpOSCS ofsubsectioos (4) and (5) of the said section 4, the

Minister of Finance has made the fOUowing rules:-

These rul es may be cited as the Removal o f Secrecy (Details

of Income) Rules. 1995.

(Rule 2)

Details of Income declared (or the purpose of section 10 of the Act

Profession

Gross Earnings. Expenses O aimed, Net PmfitslLosses

Vocation: Gross Earnings. Expenses Oalmed, Net ProfitslLosses

Business: Gross Profit. Expenses OBimcd. Net Profits/L.osses

Trade: Gross Takings. Expenses Oaimed, Net ProfitslLosses

Employment: Gross Salary (including Overtime. Allowances.. etc.)

PellSion: Gross Occupational and Social Security Pcnsion

(f)

Dividends: Gross Local and Foreign Dividends

8tJnk.K)ther interests: Gross Local and Foreign Interests

Rents: Gross and Net Rents

M .P. HonornrialAllowan ces: Gross Amount

Other Income: Gross Amount (including Commissions. Wife's Income,

elc.)

OJpilBl Gains

Gross Earnings, Expenses Claimed, Net ProfilSlLosscs

The details of income to which the provisions of section 4 of

tilt! Act in regard 10 secrecy shall not apply in tenn.~ of subsections (4)

and (S) of the said section 4 shall be those contained in the First Schedule

10 these rules.

(Rule 3)

Detalls or Income

ProfessiOll

Lm

Gross Earnings

Lm

Expenses Claimed

Lm

Net ProfitlLoss (I)

Vocation

Lm

Gross Earnings

Lm

Expenses Claimc:d

Lm

Net ProfitlLoss (I)

(C) Business f)

(i)

(Ui)

(il )

Lm

Lm

Lm

Gross Profin

Lm

Lm

Lm

Expenses Claimed

Lm

Lm

Lm

Net ProfitlLoss (')

Tm<k f)

(iii)

(ii )

(i)

Lm

Lm

Lm

Gross Takings

Lm

Lm

Lm

Expenses Claimed

Lm

Lm

Lm

Net ProfitlLoss (')

Employment (1)

Gross Salary (including Ovenime,

lm

Allowances, elc.)

Pension

Lm

Gross Occupational Pension

Lm

Gross Social Security Pension

Dividends

Lm

Gross 1.«31 Dividends

Lm

Gross Foreign DivideDds

BanJ:/Other Interests

Lm

Gross Local Inlrn:sts

Lm

Gross foreign Interests

Lm

Gross Rents

Lm

Net Rents

(1)

M .P. Honoraria / Allowances

Lm

Gross Amount

CJthcr Income

Gross Amount (including Commissions.

Wife's Income, etc.)

Lm

Capifal G:.tim

Lm

Gross Earnings

Lm

Expenses Claimed

Lm

Net ProfilfLoss (I)

Arte r all losses and capit.al allowances brought forward have been taken into

occounl.

Sepanue coIWTU1$ show results fOf differenllines of businessltradc.

Differcnl.sources of whole·time and pan-time employme nt are included in

gross salary.

DifTerenoc belWccn gross and net rents represents ground rents, bunnens and

interests on loans.

The statement 10 be submitted in accordance with paragraph

(a) and any infonnation 10 be given in accordance with paragraph (b) of

subsection (5) of section 4 o(the Act shall be in the form set out in the

Second Schedule to these rules.

Rules 2 and 3 hcreofshall apply to details of income contained

in any return filed in accordance with section 10 of the Act in respect of

the year of assessment 1995 aSld subsequent years of assessment.

S. In respect of the years of assessment up to the year of

assessment 1994 the rules conmined in the Re moval of Secrecy (Demils

of Income and Capital Assets) Rules, 1990 published by Legal Notice

No. 72 of 1990 shall continue to apply.

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