Section 26

(1) With respect to income from an employment or pension, the
computing assessable income of an individual shall be the amount of the income of the
assessable year of assessment.
profits for
trade or (2) For the purpose of subsection (1), income from an employment shall
business be deemed to arise from day to day except to the extent that it is derived from
any bonus, commission or allowance payable on one occasion only or at intervals
exceeding one month, and to that extent it shall be deemed to be income –
(a) of the day on which it is paid; or
(b) where it is paid after the cessation of the employment, of the last day
of the employment including any terminal benefit arising therefrom.
(3) With respect to disposal of a chargeable asset, the assessable income
of an individual shall be the amount of the chargeable gains accruing from
assets disposed during the year immediately preceding the year of assessment,
except for chargeable gains accruing from the disposal of chargeable assets
used in the individual's trade, business, profession or vocation, which shall be
those disposed during the year immediately preceding the year of assessment.
Fifth (4) Notwithstanding the foregoing provisions of this section, the assessable
Schedule income of a trustee, or of an executor of the estate of a deceased individual, or
of a beneficiary of a trust or estate for any year of assessment shall be the
income of that person for the year preceding that year of assessment as
determined under the provisions of the Fifth Schedule to this Act.
PART VI – ASCERTAINMENT OF TOTAL PROFITS
OF COMPANIES