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Finance Act, 1974

Amendment of section 61 of Income Tax Act, 1967.

42.—(1) Section 61 (l) of the Income Tax Act, 1967 , is hereby amended by the deletion of “any annual interest, or” and by the insertion after “payment” of “(other than interest)” and the said section 61 (l), as so amended, is set out in the Table to this section.

(2) This section shall apply for the year 1974-75 and subsequent years of assessment to any payment of annual interest whenever made and for the year 1973-74 to any payment of annual interest in respect of any period beginning on or after the 10th day of January, 1974.

TABLE

(l) any annuity, or other annual payment (other than interest) payable out of the profits or gains;