REGISTERED No. D. 221 .
रजिस्ट्री सं ० डी० 221
भारत की राजपत्र The Gazette of India
अमाधारण
EXTRAORDINARY
भाग II-खण्ड-1
PART I- Section 1
प्राधिकार से प्रकाशित
PUBLISHED BY AUTHORITY
सं० 14] नई दिल्ली, बुधवार , अप्रैल 12, 1967 /चैत्र 22, 1889
NEW DELHI , WEDNESDAY , APRIL 12 , 1967 / CHAITRA 22 , 1889 No.14]
इस भाग में भिन्न पृष्ठ संख्या दी जाती है जिससे कि यह अलग संकलन के रूप में रखा जा सके ।
Separate paging is given to this Part in order that it may be filed as a separate compilation.
MINISTRY OF LAW
( Legislative Department)
New Delhi , the 12th April , 1967 / Chaitra 22 , 1889 ( Saka)
The following Act of Parliament received the assent of the Presi- dent on the 12th April , 1967 , and is hereby published for general in- formation: -
THE FINANCE ACT, 1967
No. 12 of 1967
[12th April , 1967 ]
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: -
1. ( 1) This Act may be called the Finance Act , 1967 .
Short title and com- mencement .
(2) It shall be deemed to have come into force on the 1st day of April , 1967.
(105) THE GAZETTE OF INDIA EXTRAORDINARY
106
[PART II
Income tax
13 of 1966 .
2. The provisions of section 2 of, and the First Schedule to, the Finance Act , 1966 , shall apply in relation to income - tax for the assess- ment 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 be- fore 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 substi- tuted;
(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 rele- vant amount of distributions of dividends " means the aggre- gate of the following amounts , namely: -
(a) the amount , if any , by which " the relevant amount of distributions of dividends " by the company as THE GAZETTE OF INDIA EXTRAORDINARY
SEC. 1 ]
107
13 of 1966 .
computed in accordance with Explanation 1 to item I of Paragraph F of Part I of the First Schedule to the Finance Act , 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 ог dis- tributed 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 . ' .
Anmunty deposit .
43 of 1961 .
3. ( 1) Save as otherwise provided in Chapter XXIIA of the Income- tax Act , 1961 , annuity deposit for the assessment year com- mencing 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 .
4. In the Indian Tariff ( Amendment ) Act , 1949 , in sections 4 and 5 , Amendment for the figures " 1967 " , the figures " 1968 " shall be substituted. ofAct I of 1949 .
I of1944. 32 of1934.
nuance of 5. For the year beginning on the 1st day of April , 1967 , no duty Disconti- under the Central Excises and Salt Act , 1944 , or the Indian Tariff salt duty. Act , 1934 , shall be levied in respect of salt manufactured in, or imported into, India .
S. P. SEN - VARMA , Secy . to the Govt . of India .
PRINTED IN INDIA BY THE GENERAL MANAGER , GOVERNMENT OF INDIA PRESS , MINTO ROAD , NEW DELHI AND PUBLISHED BY THE MANAGER OF PUBLICATIONS , DELHI, 1967 .