Finance Act, 1980
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Amendment of section 477 (time for payment of tax) of Income Tax Act, 1967, and section 20 (interest on income tax and sur-tax in cases of fraud or neglect) of Finance Act, 1971. |
14.—(1) Section 477 of the Income Tax Act, 1967 , is hereby amended, as respects the year 1980-81 and subsequent years of assessment, by the substitution, for subsections (1), (2), (2A) and (2B), of the following subsections: | |
“(1) Subject to the provisions of this section, tax contained in an assessment for any year of assessment shall be payable on or before the 1st day of October in that year, except that tax included in an assessment for any year of assessment which is made on or after the 1st day of October in that year shall be deemed to be due and payable on the day next after the day on which the assessment is made. | ||
(2) (a) This subsection applies, as respects assessments for the year 1980-81, to tax appropriate to the profits or gains from farming within the meaning of Chapter II of the Finance Act, 1974 , contained in any such assessment made on an individual other than an individual to whom section 16 of the said Act applies. | ||
(b) Tax to which this subsection applies shall, instead of being payable on or before the 1st day of October, 1980, or on such other date as is specified in subsection (1), be payable in two equal instalments, the first instalment on or before the 1st day of October, 1980, or on such other date as aforesaid and the second instalment on or before the 1st day of January, 1981, and the provisions of this Act as to the recovery of tax shall apply to each instalment of the tax in the same manner as they apply to the whole amount of the tax: | ||
Provided that where the assessment is not made until after the said 1st day of January, 1981, this subsection shall not have effect and the tax shall be due and payable as provided in subsection (1).”. | ||
(2) Section 20 (2) of the Finance Act, 1971 , shall have effect in relation to any assessment to tax for the year 1980-81 or any subsequent year of assessment as if “October” were substituted for “January”. |