Finance Act, 1970
Amendment of section 135 of Income Tax Act, 1967. |
7.— Section 135 of the Income Tax Act, 1967 , is hereby amended by the substitution of the following proviso for the proviso to subsection (1): | |
“Provided that— | ||
(a) if the individual claims a deduction under this section, section 134 shall have effect in relation to the individual as if the proviso thereto (inserted by section 6 of the Finance Act, 1970) were omitted; | ||
(b) in case the deduction of one-fourth of earned income to which the individual is entitled under section 134 is £500, there shall be no deduction under this section; | ||
(c) in case the deduction of one-fourth of earned income to which the individual is entitled under section 134 is less than £500, the deduction under this section shall not be greater than the amount by which the deduction under section 134 falls short of £500; | ||
(d) in case the individual is entitled under section 138 to a deduction of £249 or £274— | ||
(i) in case his total income does not exceed £500, the deduction under this section shall be the amount by which the deduction of one-fourth of earned income under section 134 falls short of £125, and | ||
(ii) in case his total income exceeds £500, the deduction under this section shall not be greater than £150 or the amount to which he is entitled under paragraph (c), whichever is the less; | ||
(e) in case the individual is entitled under section 138 (1) to a deduction of £424 or £524— | ||
(i) in case his total income does not exceed £900, the deduction under this section shall be the amount by which the deduction of one-fourth of earned income under section 134 falls short of £225, and | ||
(ii) in case his total income exceeds £900, the deduction under this section shall not be greater than £225 or the amount to which he is entitled under paragraph (c), whichever is the less”. |