Finance Act, 1980

Amendment of provisions relating to certain time limits.

17.—(1) Section 296 of the Income Tax Act, 1967 , shall, as respects the year 1980-81 and subsequent years of assessment, have effect as if, in the proviso to subsection (1), “two years after the end of the year of assessment” were substituted for “one year after the end of the year of assessment”.

(2) The provision specified in Part I of the Table to this section shall, as respects the year 1980-81 and subsequent years of assessment, have effect as if “twenty-four” were substituted for “twelve” in each place where it occurs.

(3) The provisions specified in Part II of the Table to this section shall, as respects a chargeable period ending on or after the 6th day of April, 1980, have effect as if “twenty-four” were substituted for “twelve” in each place where it occurs.

TABLE

PART I

(a) Subsections (3) and (4) of section 58 (basis of assessment, Cases I and II of Schedule D) of the Income Tax Act, 1967 .

(b) Subsection (7) (b) of section 72 (capital allowances and balancing charges in partnership cases) of the Income Tax Act, 1967 .

(c) Paragraph (ii) of the proviso to subsection (1) of section 77 (basis of assessment, Case III of Schedule D) of the Income Tax Act, 1967 .

PART II

(a) Subsection (5) of section 241 (wear and tear of machinery, plant, etc.,) of the Income Tax Act, 1967 .

(b) Subparagraphs (i) and (ii) of subsection (3) (d) of section 244 (allowance for scientific research) of the Income Tax Act, 1967 .

(c) Subsection (4) of section 245 (allowance for mining development) of the Income Tax Act, 1967 .