"taxable income"

means the aggregate of—

(a)	the amount remaining after deducting from the income of any person all the amounts allowed under Part I of Chapter II to be deducted from or set off against such income; and

(b)	all amounts to be included or deemed to be included in the taxable income of any person in terms of this Act;

[Definition substituted by section 5(l) of the Taxation Laws Amendment Act, 2001 (Act No. 5 of 2001)]