Section 4
Manner in which chargeable income is to be ascertained
of Petroleum (Income Tax) Act 1967
ActIn forceProvision 4 of 124
Section 4
(1)
Subject to this Act, the chargeable income of a chargeable person upon which tax is chargeable for a year of assessment shall be ascertained in the following manner:
(a)
first, the basis period for his petroleum operations for that year shall be ascertained in accordance with Chapter 1 of