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Computation of profits under Case III. of schedule D.
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17. The following Rule shall be s ubstituted for Rule 2 0f the Rules applicable to Case III. of Schedule D :—
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"2.—(1) The tax shall, subject as hereinafter provided, be computed—
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(a) as respects the year of assessment in which the profits or income first arise, on the full amount of the profits or income arising within that, year; and
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(b) as respects subsequent years of assessment, on the full amount of the profits or income arising within the year preceding the year of assessment:
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Provided that—
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(i) where the profits or income first arose on some day in the year preceding the year of assessment other than the sixth day of April, the computation shall be made on the profits or income of the year of assessment; and
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(ii) where the profits or income first arose on the sixth day of April in the year preceding the year of assessment, or on some day in the the year next before the year preceding the year of assessment other than the sixth day of April, the person charged shall be entitled,. on giving notice in writing to the surveyor of taxes at any time within twelve months after the end of the year of assessment, to be charged on the amount of the profits or income of that year, and if the tax charged has been paid, any amount overpaid shall be repaid.
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(2) Tax shall be paid on the actual amount computed as aforesaid without any deduction."
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