(1)Where a company or person transacts any business other than money lending in any half-year exclusively within the Municipality the income of such company or person from the transaction of such business shall for the purpose of levying Profession tax under the Act during the half-year, be deemed to be :(a)where income-tax is assessed on such company or person under the Indian Income Tax Act, 1922, for the year comprising the half-year, one-half of the amount at which the profits and gains of such business are computed under Section 10 of the Indian Income Tax Act, 1922, for the purpose of assessing the income-tax; and(b)where the amount of the said profit and gains is not ascertainable or where such company or person is not assessed to income-tax such percentage or percentage as the Council may determine of the turnover of such business transacted in the area of the Municipality during the half year or where this also unascertainable during the corresponding half-year of previous year.
