3. Taxable income

Subject to subsection (2), the taxable income of a person for a year of assessment shall be equal to the total of the person’s assessable income for the year from each employment, business, investment and other sources.

In arriving at taxable income of a year of assessment qualifying payments and reliefs for that year under section 52 shall be deducted.

The taxable income of each person and the assessable income from each source shall be determined separately.