Finance Act, 1991
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Amendment of section 110 (persons chargeable and extent of charge) of Income Tax Act, 1967. |
6.— Section 110 (inserted by the Finance Act, 1990 ) of the Income Tax Act, 1967 , is hereby amended— | |
(a) by renumbering the existing provision as subsection (1) of that section, and | ||
(b) by the addition of the following subsections: | ||
“(2) Where (apart from this subsection) emoluments from an office or employment would be for a year of assessment in which a person does not hold the office or employment, the following provisions shall apply for the purposes of subsection (1): | ||
(a) if in the year concerned the office or employment has never been held, the emoluments shall be treated as emoluments for the first year of assessment in which the office or employment is held, and | ||
(b) if in the year concerned the office or employment is no longer held, the emoluments shall be treated as emoluments for the last year of assessment in which the office or employment was held. | ||
(3) In this section ‘emoluments’ means anything assessable to income tax under Schedule E.”. |