Section 15(2) allows deduction of dividends paid by building societies on deposits by members.
Section 15(3) (a) On money borrowed by the taxpayer which was wholly and exclusively employed in production of employment income which is chargeable to tax subject to that amount of deduction not exceeding investment income of that loan which is chargeable to tax.
The above section also allows deduction of an amount as interest not exceeding 56 ,000 p.a. from monies borrowed from registered financial institutions e.g. banks , coop societies etc If it was applied for the purchase of residential equipment occupied by that taxpayer
Provided a person occupies that residential premise and only one deduction is allowed.
Paragraph C: Partners are allowed to deduct amount of excess of any loss incurred on the partnership in respect of:
-Deductions on loans realized on investment in shares.
-Deduction of a business loss. Covered by section 15(4) which allows deduction of a
Deficit from ascertainment of total income for a person beginning in 1974 with limitations
On married women whose income is deemed to be that of their husband.
Subsection (5) allows deduction of benefits with relation to a person who succeeds to a business either under a will/intestacy attributable to any loss incurred by the deceased in earlier years.
Section15 (7) then as it were builds Chinese walls between specified sources of income and…
-Rights for use and occupation of immovable property , employment of personal services
For wages , salaries and other rewards
-Employment forming part of wife’s employment income or professional income.
-Agricultural , pastoral , horticultural , forestry or similar acts.
-Other sources of income chargeable to tax not falling in the above sub paragraph