I move:—
That section 159 of the Income Tax Act, 1918, shall not have effect as respects tax for the year beginning on the 6th day of April, 1963, or any subsequent year of assessment.
Financial Resolutions. - Resolution No. 2—Income Tax.
This is the discount section, is it not?
It stops the old discount. The next one is the principal one.
Is Section 159 not the income tax discount?
Yes. As the Deputy is aware, discount was allowed since 1918. It will not be necessary under the new condition. It will be covered by the tax reserve certificate in future.
Resolution put and agreed to.