Finance Act, 1976

Amendment of section 197 (separate assessments to income tax) of Income Tax Act, 1967.

4.Section 197 of the Income Tax Act, 1967 , is hereby amended by the insertion after subsection (1) of the following subsection:

“(1A) Where an application is made under subsection (1), that subsection shall have effect not only for the year of assessment for which it was made but also for each subsequent year of assessment:

Provided that, in relation to a subsequent year of assessment, the applicant may, by notice in writing given to the inspector before the 6th day of July in that year of assessment, withdraw the application and thereupon subsection (1) shall not have effect for the year of assessment in relation to which the notice was given or any subsequent year of assessment.”.