Finance Act, 1975
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Amendment of section 20 of Finance Act, 1974. |
16.— Section 20 (1) of the Finance Act, 1974 , is hereby amended, with effect from the 6th day of April, 1974, by the substitution of “fifteen months” for “six months”and the said section 20 (1), as so amended, is set out in the Table to this section. | |
TABLE | ||
20.—(1) Where, for the year of assessment 1974-75, a person is, by virtue of section 15, chargeable to tax in respect of profits or gains from farming and would, in accordance with the provisions of section 58 (1) of the Income Tax Act, 1967 , be charged to tax under Case I of Schedule D on the full amount of the profits or gains of the year preceding that year of assessment, he may, by notice in writing given to the inspector within fifteen months after the commencement of the said year of assessment, elect to be charged to tax for that year of assessment on the full amount of the profits or gains of that year and not on the full amount of the profits or gains of the year preceding that year of assessment. |