Finance Act, 1974
PART I Income Tax, Sur-Tax and Corporation Profits Tax | ||
Chapter I Method of Charging Income Tax for 1974-75 and Subsequent Years | ||
Amendment of section 1 of Income Tax Act, 1967. |
1.— Section 1 (1) of the Income Tax Act, 1967 , is hereby amended— | |
(a) by the deletion of the definition of “assessable income”, | ||
(b) by the substitution for the definitions of “standard rate of tax”, “tax” and “year of assessment” of the following definitions, respectively, that is to say: | ||
“‘standard rate’, in relation to tax, means the rate of tax provided for by section 3 (1) of the Finance Act, 1974;”, | ||
“‘tax’ means income tax;”, and | ||
“‘year of assessment’ means a year for which income tax is imposed by any Act imposing duties of income tax;”, | ||
(c) by the insertion, after the definition of “foreign life insurance fund”, of the following definition: | ||
“‘higher rates’, in relation to tax, means the rates of tax provided for by section 3 (2) (c) of the Finance Act, 1974;”, | ||
(d) by the insertion, after the definition of “rating authority”, of the following definition: | ||
“‘reduced rate’, in relation to tax, means the rate of tax provided for by section 3 (2) (a) of the Finance Act, 1974;” and | ||
(e) by the insertion, after the definition of “taxable income” of the following definition: | ||
“‘total income’ means total income from all sources as estimated in accordance with the provisions of this Act;”. |