Section 20
of Petroleum (Income Tax) Act 1967
ActIn forceProvision 21 of 124
Section 20
Subject to this Act, the statutory income (if any) of a chargeable person for a year of assessment shall consist of—
(a)
the amount of his adjusted income (if any) for the basis period for that year, and
(b)
the amount of any balancing charge or the aggregate amount of the balancing charges falling to be made for that year under the Second Schedule, reduced by the amount of any allowance or the aggregate amount of the allowances falling to be made for that year under that Schedule.