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Amendment of Section 187 of Income Tax Act 1918.
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5.—(1) In sub-section 1 of Section 187 of the Income Tax Act, 1918, the expression “purchase annuity” shall mean the first or original annuity payable before any redemption or statutory reduction.
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(2) In sub-section 1 of Section 187 of the Income Tax Act, 1918, the words “the respective surveys and valuations from time to time in force for the purposes of poor rates” shall not apply to the annual value of concerns contained in No. III. of Schedule A, and such concerns shall, for the purposes of Schedule A, be assessed and charged under Schedule D in accordance with the rules applicable to Schedule D so far as the same are not inconsistent with the rules of the said No. III. of Schedule A.
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