Finance Act, 1974
|
Amendment of section 535 of Income Tax Act, 1967. |
51.—(1) Section 535 (1) (b) of the Income Tax Act, 1967 , is hereby amended by the deletion of “annual interest” and by the insertion after “annual payment” of “(other than interest)” and the said section 535 (1) (b), as so amended, is set out in the Table to this section. | |
(2) This section shall apply for the year 1974-75 and subsequent years of assessment to any payment of annual interest whenever made and for the year 1973-74 to any payment of annual interest in respect of any period beginning on or after the 10th day of January, 1974. | ||
TABLE | ||
(1) (b) no deduction shall be made on account of any annuity or other annual payment (other than interest) to be paid out of such profits or gains in regard that a proportionate part of the tax is allowed to be deducted on making any such payment. |