Finance Act, 1976

Amendment of section 497 (rate of tax at which repayments are to be made) of Income Tax Act, 1967.

7.Section 497 of the Income Tax Act, 1967 , is hereby amended by the insertion of the following additional proviso:

“Provided also that, in relation to repayments of tax made on or after the 30th day of March, 1976, the amount of tax to be repaid under this section to any person for any year shall not exceed a sum equal to the difference between the amount of tax paid by him, whether by deduction or otherwise, in respect of his income for that year and the amount of tax which would be payable by him for that year if his total income had been charged to tax in accordance with the provisions of this Act.”.