Finance Act, 1969

Amendment of section 523 of Income Tax Act, 1967.

17.Section 523 of the Income Tax Act, 1967 , is hereby amended by the addition of the following subsection—

“(5) for the purposes of subparagraph (i) and (ii) of subsection (3) (b), the relief from sur-tax resulting from aggregate of the deductions allowable under subsections (1) and (2) of section 141 to which the proviso to subsection 141 (1A) (a) applies shall be divided as if each such deduction amounted to the said aggregate divided by the number of such deductions.”.