Finance Act, 1949

Extension of allowance for wear and tear of machinery.

3.—(1) Throughout Rule 6 (as amended by section 2 of the Finance Act, 1944 (No. 18 of 1944)) and Rule 7 of the Rules applicable to Cases I and II of Schedule D of the Income Tax Act, 1918, references to the profits or gains of a trade shall be construed as including references to the profits or gains, whether assessable under Schedule D or otherwise, of a profession, employment, vocation or office, and the said Rules 6 and 7 shall apply and have effect accordingly.

(2) Section 5 of the Finance Act, 1936 (No. 31 of 1936), is hereby repealed.