Finance Act, 1969

Amendment of section 65 of Income Tax Act, 1967.

30.Section 65 of the Income Tax Act, 1967 , is hereby amended—

(a) by the addition to subsection (1) of the following proviso—

“Provided that where the computation is for the purposes of tax for the year 1968-69, the amount to be excluded in respect of the annual value of such property shall, if the person carrying on the trade or profession so elects by notice in writing given to the inspector on or before the 31st day of December, 1969, be the annual value of such property as assessed and charged under Schedule A for the year 1968-69.”, and

(b) by the insertion after subsection (4) of the following new subsection—

“(5) This section shall cease to have effect for the year 1969-70 and subsequent years.”.