Section 50C: Ascertainment of chargeable income

50C. Ascertainment of chargeable income The chargeable income of a company in respect of an APS quarter shall, at the option of the company, be— (a) deemed to be 25 per cent of the chargeable income of the company for the accounting year ending on a date immediately preceding the commencement of that quarter; or (b) the difference between— (i) the gross income for that quarter; and (ii) the allowable deductions for that quarter, including any allowable loss brought forward from the accounting year immediately preceding that quarter or from the previous quarter, as the case may be. [S. 50C amended by s. 15 (d) of Act 18 of 2008 w.e.f. 1 July 2008.]