Finance Act, 1974

Optional basis of assessment.

20.—(1) Where, for the year of assessment 1974-75, a person is, by virtue of section 15, chargeable to tax in respect of profits or gains from farming and would, in accordance with the provisions of section 58 (1) of the Income Tax Act, 1967 , be charged to tax under Case I of Schedule D on the full amount of the profits or gains of the year preceding that year of assessment, he may, by notice in writing given to the inspector within six months after the commencement of the said year of assessment, elect to be charged to tax for that year of assessment on the full amount of the profits or gains of that year and not on the full amount of the profits or gains of the year preceding that year of assessment.

(2) For the purposes of this section, the profits or gains of the year 1974 may, at the election of the person chargeable to tax in respect of them, be taken as the profits or gains of the year 1974-75.