Finance Act, 1974

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Section

1.

Amendment of section 1 of Income Tax Act, 1967.

2.

Amendment of section 4 of Income Tax Act, 1967.

3.

Charge of income tax for 1974-75 and subsequent years.

4.

Charge to tax of income from which tax has been deducted.

5.

Provisions as to tax charged by way of deduction.

6.

Personal relief.

7.

Amendment of section 142 of Income Tax Act, 1967.

8.

Age allowance.

9.

Amendment of Section 152 of Income Tax Act, 1967.

10.

Cesser of charge to sur-tax.

11.

Consequential amendments.

12.

Commencement of Chapter I.

13.

Definitions (Chapter II).

14.

Repeal of section 18 (2) (a) of Finance Act, 1969.

15.

Farming profits to be charged under Schedule D.

16.

Farming carried on by certain persons.

17.

Farm land occupied or deemed to be occupied by an individual.

18.

Apportionment of valuation.

19.

Limit on amount of tax to be charged in certain cases.

20.

Optional basis of assessment.

21.

Notional basis of assessment for 1974-75.

22.

Farming: allowances for capital expenditure on construction of buildings and other works.

23.

Application of section 20 of Finance Act, 1969.

24.

Restriction in respect of certain losses.

25.

Wear and tear allowance deemed to have been made in certain cases.

26.

Amendment of section 307 of Income Tax Act, 1967.

27.

Restriction of relief for losses in farming or market gardening.

28.

Farming profits: restriction of personal allowances.

29.

Restriction on repayment of tax on interest in certain cases.

30.

Provision in relation to tax deducted from certain payments of interest made before passing of this Act.

31.

Interest payments by companies and to non-residents.

32.

Relief on certain bridging loans.

33.

Relief to companies on loans applied in acquiring interest in other companies.

34.

Relief to individuals on loans applied in acquiring interest in companies.

35.

Rules relating to recovery of capital.

36.

Relief to individuals on loans applied in acquiring interest in a partnership.

37.

Interest on borrowings to replace capital withdrawn in certain circumstances from a business.

38.

Aggregation of interest paid by connected persons.

39.

Arrangements for payment of interest less tax or of fixed net amount.

40.

Allowance of interest as a business expense.

41.

Tax avoidance: transactions associated with loans or credit.

42.

Amendment of section 61 of Income Tax Act, 1967.

43.

Amendment of section 75 of Income Tax Act, 1967.

44.

Amendment of section 76 of Income Tax Act, 1967.

45.

Amendment of section 77 of Income Tax Act, 1967.

46.

Application of section 81 of Income Tax Act, 1967, to certain income arising outside State.

47.

Amendment of section 219 of Income Tax Act, 1967.

48.

Amendment of section 221 of Income Tax Act, 1967.

49.

Amendment of sections 231, 232 and 233 of Income Tax Act, 1967.

50.

Restriction of sections 433 and 434 of Income Tax Act, 1967.

51.

Amendment of section 535 of Income Tax Act, 1967.

52.

Restriction of Schedule 6 to Income Tax Act, 1967.

53.

Application to corporation profits tax.

54.

Charge to tax in respect of certain dividends received by directors and employees.

55.

Transactions in certificates of deposit and assignable deposits.

56.

Taxation of shares issued in lieu of cash dividends.

57.

Transfer of assets abroad.

58.

Deductions and reliefs in relation to income chargeable to tax under section 57.

59.

Power to obtain information.

60.

Saver.

61.

Application of provisions of Income Tax Acts.

62.

Taxation of rents: restriction in respect of certain rent and interest.

63.

Amendment of section 20 of the Finance (Miscellaneous Provisions) Act, 1968.

64.

Proprietary directors and proprietary employees as members of approved retirement benefit schemes.

65.

Amendment of section 235 of Income Tax Act, 1967.

66.

Approval of contracts for dependants or for life assurance.

67.

Amendment of section 236 of and Schedule 5 to Income Tax Act, 1967.

68.

Export of certain goods.

69.

Amendment of section 429 of Income Tax Act, 1967.

70.

Amendment of section 489 of Income Tax Act, 1967.

71.

Abolition of payment of tax by means of stamps.

72.

Registration of certain persons as employers and requirement to send certain notifications.

73.

Furnishing copies of rates and producing valuations to inspector.

74.

Marginal coal mine allowance.

75.

Continuance of certain exemptions from corporation profits tax.

76.

Waiver of small amounts of customs duty.

77.

Amendment of Finance Act, 1920.

78.

Amendment of section 21 of Finance Act, 1935.

79.

Amendment of section 5 of Finance Act, 1962.

80.

Confirmation of Orders.

81.

Amendment of section 65 of Finance Act, 1973.

82.

Revocation of order.

83.

Alteration of stamp duties on conveyances and transfers on sale of stocks and marketable securities.

84.

Capital Services Redemption Account.

85.

Amendment of Provisional Collection of Taxes Act, 1927.

86.

Repeals.

87.

Care and management of taxes and duties.

88.

Short title, construction and commencement.

Acts Referred to

Income Tax Act, 1967

1967, No. 6

Finance Act, 1973

1973, No. 19

Finance Act, 1969

1969, No. 21

Companies Act, 1963

1963, No. 33

Finance (Miscellaneous Provisions) Act, 1968

1968, No. 7

Finance Act, 1920

1920, c. 18

Finance Act, 1972

1972, No. 19

Finance Act, 1968

1968, No. 33

Finance (Miscellaneous Provisions) Act, 1956

1956, No. 47

Finance Act, 1971

1971, No. 23

Income Tax (Employments) Regulations, 1960

S.I. No. 28 of 1960

Finance Act, 1929

1929, No. 32

Finance Act, 1962

1962, No. 15

Finance Act, 1918

1918, c. 15

Finance Act, 1935

1935, No. 28

Finance Act, 1932

1932, No. 20

Finance Act, 1934

1934, No. 31

Imposition of Duties (No. 210) (Stamp Duty on Certain Instruments) Order, 1973

S.I. No. 273 of 1973

Finance Act, 1950

1950, No. 18

Provisional Collection of Taxes Act, 1927

1927, No. 7

Stamp Act, 1891

1891, c. 39

Finance Act, 1970

1970, No. 14