Finance Act, 1974
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Amendment of sections 231, 232 and 233 of Income Tax Act, 1967. |
49.—(1) Sections 231 (4) (a), 232 (2) and 233 (2) (a) of the Income Tax Act, 1967 , are hereby amended by the substitution of “an annual payment” for “a payment of interest” in each place where it occurs and the said sections 231 (4) (a), 232 (2) and 233 (2) (a), as so amended, are set out in the Table to this section. | |
(2) This section shall be deemed to have come into force and shall take effect as on and from the 6th day of April, 1973. | ||
TABLE | ||
(4) (a) Section 434 shall apply to any payment made in respect, or on account, of the excess as if such payment were an annual payment charged to tax under Schedule D not payable out of profits or gains brought into charge to tax, and tax shall accordingly be deducted by and recoverable from the person by or through whom the payment is made. | ||
(2) Where, under a retirement benefits scheme in relation to which this section applies, any benefit is provided, otherwise than by way of non-commutable pension or annuity, on the death during his service of a director or employee and the total value of all benefits so provided under that scheme and under all other schemes exempt from the operation of section 227, subsisting in connection with the body corporate, exceeds the amount which would have satisfied the condition specified in section 229 (1) (i) section 434 shall apply to any payment made in respect, or on account, of such excess as if the payment were an annual payment charged to tax under Schedule D not payable out of profits or gains brought into charge to tax, and tax shall accordingly be deducted by and recoverable from the person by or through whom the payment is made. | ||
(2) Where any contributions made by a director or employee under an approved scheme within the meaning of subsection (1) are repaid to him during his lifetime— | ||
(a) section 434 shall apply to the amount of the contributions repaid as if it were an annual payment charged to tax under Schedule D not payable out of profits or gains brought into charge to tax, and tax shall accordingly be deducted by and recovered from the person by or through whom the repayment is made, |