Tax rate change in an income tax provision applied retrospectively, increasing the operative percentage for earlier fiscal periods. The amendment replaces the prior rate in section 111A's sub section proviso with fifteen per cent and deems that substitution effective from the earlier ... Summary
Tax rate change in an income tax provision applied retrospectively, increasing the operative percentage for earlier fiscal periods.
The amendment replaces the prior rate in section 111A's sub section proviso with fifteen per cent and deems that substitution effective from the earlier fiscal commencement date, thereby altering the operative percentage under that income tax provision by retrospective application.
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