(1) In ascertaining the chargeable income for any year of income of any person there is allowed as a deduction from his or her assessable income, upon due claim and subject to such evidence as the Comptroller may require, any amount to which he or she is entitled under this Part.
(2) Where a person is not entitled to any deductions under this Part, his or her assessable income constitutes his or her chargeable income.
(3) The deductions allowable under this Part is allowed after any deductions to which he or she is entitled under Division 2 of Part 5 and in the event of there being an insufficiency of assessable income to permit the allowance in full of any deductions under this Part then such concessional deductions shall be limited to the amount of the assessable income, if any, which remains.
(4) Notwithstanding the provisions of this Act and effective the 1st day of January, 2023, the aggregate allowances and deductions permitted under Parts 6 and 7, excluding the personal allowance and the deduction for medical expenses, shall not exceed $30,000. (Inserted by Act 21 of 2022)