Finance Act, 1981

Amendment of provisions relating to certain time limits.

9.—The provisions specified hereunder shall, as respects the year 1981–82 and subsequent years of assessment, have effect as if “twenty-four” were substituted for “twelve” in each place where it occurs:

(a) paragraph (II) of the proviso to subsection (3) of section 81 (taxation of rents under short leases) of the Income Tax Act, 1967 ,

(b) paragraph (b) of subsection (1) of section 111 (basis of assessment) of the Income Tax Act, 1967 ,

(c) subsection (2) of section 553 (allowance to owner of mineral rights for expenses) of the Income Tax Act, 1967 ,

(d) subsection (2) of section 23 (work in progress at discontinuance) of the Finance Act, 1970 ,

(e) the provisos to subsections (1) and (2) of section 11 (charge to income tax on sums received from sale of scheduled mineral assets) of the Finance (Taxation of Profits of Certain Mines) Act, 1974 .