Finance Act, 1949
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Amendment of Rule 4 of Rules applicable to Cases I and II of Schedule D. |
2.—Rule 4 of the Rules applicable to Cases I and II of Schedule D of the Income Tax Act, 1918, as amended by section 31 of the Finance Act, 1920 , shall have effect as if in paragraph (1) thereof the words from the commencement of the paragraph to the word “paid”, where that word occurs thirdly, were deleted and in lieu thereof the following words were substituted: | |
“Where any company has paid corporation profits tax in respect of any accounting period, the amount so paid shall, in computing for purposes of income tax the profits or gains of the company, be allowed to be deducted as an expense incurred in that accounting period”. |