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FINANCE ACT 1967

Ministry of Law and Justice

Act nº 12 of 1967


  • Act nº 12 of 1967

Preamble

THE FINANCE ACT, 1967

[Act No. 12 of 1967]

[12th April 1967]

PREAMBLE

An Act to continue for the financial year 1967-68 the existing rates of income-tax with certain modifications and the existing rates of annuity deposits and to provide for the continuance of certain commitments under the General Agreement on Tariffs and Trade and the discontinuance of the duty on salt for the said year

Be it enacted by Parliament in the Eighteenth Year of the Republic of India as follows :

Section 1. Short Title and Commencement

(1) This Act may be called the Finance Act, 1967.

(2) It shall be deemed to have come into force on the 1st day of April, 1967.

Section 2. Income Tax

The provisions of section 2 of, and the First Schedule to, the Finance Act, 1966 (13 of 1966), shall apply in relation to income-tax for the assessment year commencing on the 1st day of April, 1967, as they apply in relation to income-tax for the assessment year commencing on the 1st day of April, 1966, with the following modifications, namely :-

(a) in section 2, -

(i) for the figures "1966" wherever they occur, the figures "1967" shall be substituted;

(ii) in sub-section (1), the brackets and figure "(2)" shall be omitted;

(iii) sub-section (2) shall be omitted;

(iv) in sub-section (5), in clause (a), -

(A) in sub-clause (i), after the words "derived from the export", the brackets, words and figures "(made before the sixth day of June, 1966)" shall be inserted;

(B) in sub-clause (ii), -

(i) after the words "during the previous year, exported", the words and figures "before the sixth day of June, 1966" shall be inserted;

(ii) after the words "receivable by him in respect of such export", the words "made before the date aforesaid" shall be inserted;

(C) in sub-clause (iii), -

(i) after the words "during the previous year, sold", the words and figures "before the sixth day of June, 1966" shall be inserted;

(ii) for the words "sale proceeds receivable by him in respect of such articles from the exporter", the words "sale proceeds receivable by him from the exporter in respect of such articles sold to the exporter before the date aforesaid" shall be substituted;

(b) in the First Schedule, in Paragraph F of Part I, for Explanation 1 to item I, the following Explanation shall be substituted, namely :-

Explanation 1 : In clause (B), the expression "the relevant amount of distributions of dividends" means the aggregate of the following amounts, namely :-

(a) the amount, if any, by which "the relevant amount of distributions of dividends" by the company as computed in accordance with Explanation 1 to item I of Paragraph F of Part I of the First Schedule to the Finance Act, 1966 (13 of 1966), exceeds its total income (reduced by the amount of capital gains, if any, relating to capital assets other than short-term capital assets included therein) assessable for the assessment year commencing on the 1st day of April, 1966; and

(b) so much of the amount of the dividends, other than dividends on preference shares, declared or distributed by the company during the previous year as exceeds ten per cent. of its paid-up equity share capital as on the 1st day of the previous year..

Section 3. Annuity Deposit

(1) Save as otherwise provided in Chapter XXIIA of the Income-tax Act, 1961 (43 of 1961), annuity deposit for the assessment year commencing on the 1st day of April, 1967, and annuity deposit to be made during the financial year commencing on the 1st day of April, 1967, shall be made by every person to whom the provisions of that Chapter apply, at the rate or rates specified in the Second Schedule to the Finance Act, 1966 (13 of 1966).

(2) For the purposes of this section and the Second Schedule as aforesaid, the expressions "adjusted total income", "annuity deposit" and "depositor" have the meanings respectively assigned to them under clauses (1), (5) and (6) of section 280B of the Income-tax Act, 1961 (43 of 1961).

Section 4. Amendment of Act 1 of 1949

In the Indian Tariff (Amendment) Act, 1949, in sections 4 and 5, for the figures "1967", the figures "1968" shall be substituted.

Section 5. Discontinuance of Salt Duty

For the year beginning on the 1st day of April, 1967, no duty under the Central Excises and Salt Act, 1944 (1 of 1944), or the Indian Tariff Act, 1934 (32 of 1934), shall be levied in respect of salt manufactured in, or imported into, India.