General definition of taxable income

The tax is due each year on the basis of the profits or income that the taxpayer makes or has at his disposal during the same year.

1. The taxable profit or income consists of the excess of the gross proceeds, including the value of profits and benefits in kind, over the expenditure incurred in acquiring and maintaining the income. 2. The annual net overall income used as a basis for income tax is determined by totalling the net profits or income mentioned in I to VI of the 1st sub-section of this section as well as…