COMMITTEE ON FINANCE. - RESOLUTION 4 (INCOME TAX).
That in Sub-section 1 of Section 187 of the Income Tax Act, 1918, the expression "purchase annuity" shall mean the first or original annuity payable before any redemption or statutory reduction.
And it is declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act, 1913.
Resolution No. 4 put and agreed to.