DEDUCTION FROM INCOME TAX
WAR DAMAGE INSURANCE PREMIUM (P.A.) WELLINGTON, Sept. 8. The Commissioner of Taxes has been legally advised that the war damage insurance premium payable by mortgagee under section 14 of the War Damage Act, 1941, is permissible ns a deduction against the income derived by the mortgagee from the asset concerned. The Commissioner states that if any mortgagee has furnished an income tax return or declaration of income other than salary or wages showing interest from mortgages but has ilot made a claim for the amount of the war damage insurance premium applicable to the period ended March 31 (or the taxpayer’s balance date), such claims will be accepted if early application is made in writing. It is unnecessary for an amended return 'or declaration to be furnished, but only the amount applicable to the year ended March 31, 1942, may be included.
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Evening Star, Issue 24294, 8 September 1942, Page 2
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146DEDUCTION FROM INCOME TAX Evening Star, Issue 24294, 8 September 1942, Page 2
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