Income Tax Act, 1967.


Commencement, Repeals, Savings, Temporary and Transitional Provisions and Short Title

Commencement and repeals.

554.—(1) Subject to the provisions of this Part, this Act shall come into force on the 6th day of April, 1967, and the enactments mentioned in Schedule 19, (which enactments are in this Act referred to as the repealed enactments) are hereby repealed to the extent mentioned in the third column of that Schedule as from that day:

Provided that, save as otherwise provided in this Part, the provisions of this Act shall not apply to income tax or sur-tax for the year 1966-67 or any previous year of assessment, and the provisions of the repealed enactments shall continue to apply to income tax and sur-tax for any such year to the same extent that they would have applied thereto if this Act had not been passed.

(2) The proviso to subsection (1) shall, in relation to the provisions as to corporation profits tax contained in the provisions of this Act which in terms extend to that tax, have effect as if the references to income tax and sur-tax for the year 1966-67 or any previous year of assessment were references to corporation profits tax for an accounting period ending before the 6th day of April, 1967.

(3) Income which but for subsection (1) would be treated as exempt from tax under section 16 of the Finance Act, 1919 , or section 27 of the Finance Act, 1922 , shall not be reckoned in computing income for any of the purposes of this Act.

(4) This section has effect subject to the provisions of section 552 (which relates to the commencement of certain provisions of this Act relating to interest on assessments to income tax and sur-tax).