453
Table of Correspondence,—Continued.
Clause of Bill.
Source if any.
Remarks.
23
No. 13 of 1940,
s. 21.
24
No. 13 of 1940,
s. 22.
25
No. 13 of 1940,
s. 23.
26
There is no change in the first two sub-sections. Sub-sections (8) and (4) are replaced by new sub- sections (3) and (4) introducing from the United Kingdom Income Tax the so called "succession rule" which enables a partner- ship to be assessed regardless of changes in the constitution of the firm and renders unnecessary to a great degree inquiries as to ownership. The change accords with the Chinese Partnership Ordinance, 1911, whereby ઈં registered Chinese Partnership is not dissolved by a change in its constitution owing to death, etc.
This clause is unchanged except for necessary renumbering and sub- stitution of words "arising in or derived from the Colony" for the words "made from transactions in the Colony.
This clause is unchanged except for
necessary renumbering.
This is a new clause in the Ordinance. It is based on Rule I of the rules which was applicable only to non resident shipowners, etc. The new clause is wider as દર્દી means of ascertainment of the profits of shipowners, aircraft- owners and charterers liable to tax under the Ordinance.
This clause is unchanged except for
necessary renumbering.
do.
27
No. 13 of 1940.
s. 24.
28
No. 13 of 1940,
*. 25.
29
No. 13 of 1940,
8. 26.
Sub-section (2) is new and has been added to give the same relief in
30 to 35
respect of the profits of a trade, profession or business
as
at
present exists in respect of cor- poration dividends.
Chapter V (clauses 30 to 35) is new. Clause 30 relates to the imposi- tion of a new tax at the rate of fourteen per cent on certain classes of readily ascertainable in- terest arising in or accruing in the Colony on debentures, mortgages, bills of sale, and business loans etc., but it is not intended to be charged on bank fixed deposits, savings bank accounts, current accounts or on loans between individuals. Clause 31 deals with the machinery of collection, which is by deduction at source and places the onus of paying
Page 40Page 41