Finance Act 2013

Amendment of section 70 (Case III: basis of assessment) of Principal Act.

16.— Section 70 of the Principal Act is amended by inserting the following after subsection (1):

“(1A) (a) In this subsection ‘excluded amount’ means the amount of the deficiency where—

(i) the computation of income arising in respect of a possession outside the State gives rise to a deficiency, and

(ii) income arising in respect of that possession would be chargeable under Case V of Schedule D if the possession was in the State.

(b) Nothing in subsection (1) shall be construed as meaning that an excluded amount can be taken into account in computing the income or profits chargeable under Case III of Schedule D.”.