Finance Act, 1990

Tax returns.

23.—(1) Section 70 of the Income Tax Act, 1967 , is hereby amended—

(a) in subsection (1)—

(i) by the deletion, in paragraph (a), of “(in this section referred to as the preceding year) immediately preceding the year of assessment”,

(ii) by the substitution, in paragraph (b), of “the year of assessment” for “the preceding year”, and

(iii) by the deletion, in paragraph (c), of “the preceding year or”,

and

(b) by the substitution of the following subsection for subsection (2):

“(2) The amount of income from any source to be included in a return under this section shall be computed in accordance with the provisions of this Act:

Provided that where, in the case of a trade, an account has been made up to a date within the year of assessment or more accounts than one have been made up to dates within that year, the computation shall be made by reference to the period or to all the periods, where there are more than one, for which accounts have been made up as aforesaid.”.

(2) Section 172 of the Income Tax Act, 1967 , is hereby amended—

(a) in subsection (1)—

(i) by the deletion, in paragraph (a), of “(in this section referred to as the preceding year) immediately preceding the year of assessment”,

(ii) by the substitution, in paragraph (b), of “the year of assessment” for “the preceding year”, and

(iii) by the deletion, in paragraph (c), of the words “the preceding year or”,

and

(b) in subsection (2)—

(i) by the deletion of “save that the computation shall be made in all cases by reference to the preceding year”, and

(ii) by the substitution of the following proviso for the proviso thereto:

“Provided that where, under section 60 (as amended by the Finance Act, 1990), the profits or gains of a year ending on a date within the year of assessment are to be taken to be the profits or gains of that year of assessment, the computation shall be made by reference to the said year ending on a date within that year of assessment.”,

and the said subsection (1) of the said section 70 and the said subsections (1) and (2) (other than the proviso) of section 172, as so amended, are set out, respectively, in the Table to this subsection.

TABLE

(1) The precedent partner of any partnership, when required to do so by a notice given to him in relation to any year of assessment by an inspector, shall, within the time limited by the notice, prepare and deliver to the inspector a return in the prescribed form of—

(a) all the sources of income of the partnership for the year of assessment in relation to which the notice is given;

(b) the amount of income from each source for the year of assessment computed in accordance with subsection (2);

(c) such further particulars for the purposes of income tax for the year of assessment as may be required by the notice or indicated by the prescribed form.

(1) Every individual, when required to do so by a notice given to him in relation to any year of assessment by an inspector, shall, within the time limited by the notice, prepare and deliver to the inspector a return in the prescribed form of—

(a) all the sources of his income for the year of assessment in relation to which the notice is given;

(b) the amount of income from each source for the year of assessment computed in accordance with subsection (2);

(c) such further particulars for the purposes of income tax for the year of assessment as may be required by the notice or indicated by the prescribed form.

(2) The amount of income from any source to be included in a return under this section shall be computed in accordance with the provisions of this Act:

(3) The Finance Act, 1988 , is hereby amended—

(a) by the substitution, in the definition of “specified return date for the chargeable period”, in subsection (1) of section 9, of the following paragraph for paragraph (a):

“(a) where the chargeable period is a year of assessment, the 31st day of January in the year of assessment following that year, and”,

and

(b) by the substitution, in paragraph (a) of subsection (1) of section 10, of “which is” for “immediately preceding”,

and the said paragraph (a), as so amended, is set out in the Table to this subsection.

TABLE

(a) in the case of a chargeable person, who is chargeable to income tax for a chargeable period which is a year of assessment, all such matters and particulars as would be required to be contained in a statement delivered pursuant to a notice given to the chargeable person by the appropriate inspector under section 169 of the Income Tax Act, 1967 , if the period specified in such notice were the year of assessment which is the relevant chargeable period, and where the chargeable person is an individual who is chargeable to income tax for a relevant chargeable period, in addition to such matters and particulars as aforesaid, all such matters and particulars as would be required to be contained in a return for the period delivered to the appropriate inspector pursuant to a notice given to the chargeable person by the appropriate inspector under section 172 of the said Act, or

(4) (a) Every chargeable person (as defined in section 9 of the Finance Act, 1988 ), who is within the charge to income tax, shall prepare and deliver to the appropriate inspector (as defined in the said section 9) a return in the prescribed form of all such matters and particulars as would have been included in a return for the year of assessment 1990-91 if the provisions of this Chapter, other than this subsection, had not been enacted.

(b) The return to which this subsection applies shall be identified and referred to as the “1990 Income Tax Return”.

(c) Sections 500 and 503 of the Income Tax Act, 1967 , shall apply to a failure to deliver a return in accordance with this subsection as they apply to a failure to deliver a return referred to in the said section 500, and Schedule 15 to that Act is hereby amended by the insertion, in column 1, of “Finance Act, 1990, section 23 (4)”.

(d) Section 48 (as amended by this Act) of the Finance Act, 1986 , shall have effect as if the definition of “return of income” in subsection (1) (a) of that section included the return to which this subsection applies and as if that section provided that the specified date in relation to that return was 31 January, 1991.

(5) Subsections (1), (2) and (3) shall apply and have effect as respects the year 1990-91 and subsequent years of assessment.