Finance Act, 1983
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Chapter II Taxation of Farming Profits | ||
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Charge of farming profits under Schedule D. |
11.— Part I of the Finance Act, 1974 , is hereby amended, as respects the year 1983-84 and subsequent years of assessment, by the substitution for section 15 of the following section: | |
“Farming profits to be charged under Schedule D. | ||
15.—(1) All farming in the State shall be treated as the carrying on of a trade or, as the case may be, of part of a trade, and the profits or gains thereof shall be charged to tax under Case I of Schedule D accordingly. | ||
(2) Notwithstanding anything to the contrary in Chapter III of Part IV of the Income Tax Act, 1967 , all farming carried on by any person whether solely or in partnership shall be treated as the carrying on of a single trade: | ||
Provided that this subsection shall not prejudice or restrict the operation of section 58 of the Income Tax Act, 1967 , where a partnership trade of farming is set up and commenced or is permanently discontinued.”. |