Section No : Legislative Enactments PROFITS TAXMarginal Notes1. This Act may be cited as the Profits Tax Act.2. Application of Act. 3. Imposition of profits tax. 4. Exemptions from profits tax. 5. Determination of profits or income. 6. Profits assessable for the several profits tax years. 7. Aggregation of profits and set-off of losses. 8. Set-off for loss in preceding years. 9. Determination of chargeable surplus of profits or Income. 10. Rate of profits tax. [ 2, 33 of 1951.] 11. Computation of capital. 12. Each share of partnership business to be deemed a separate business. 13. Deduction of profits tax for purposes of income tax. 14. Application of certain provisions of the Income Tax Ordinance. 15. Interpretation. [ 3, 12 of 1950.]