(1) and (2) and they are as follows : "(1) Where a company or person transacts busi ness in any half year exclusively in the area of a single municipality, the income of such company or person from the transaction of such business shall, for the purpose of levying profession tax under this Act during the half year, be deemed to be (a) where income tax is assessed on such company or person under the Travancore Income tax Act 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 8 of the Travancore Income tax Act for the purpose of assessing the income tax; and (b) where the amount of the said profits and gains is not ascertainable or where such company or person is not assessed to income tax, such percentage as our Government may prescribe, of the turn over of the business transacted in the area of the municipality during the half year or where this is also unascertainable during the corresponding half year of the previous year.