Deduction from income tax for interest income now allowed, reducing tax payable by a prescribed rate on average interest. The amendment to First Schedule rule 3(c) replaces the prior non-taxable treatment with a rule entitling the assessee to a deduction from the income tax ... Summary
Deduction from income tax for interest income now allowed, reducing tax payable by a prescribed rate on average interest.
The amendment to First Schedule rule 3(c) replaces the prior non-taxable treatment with a rule entitling the assessee to a deduction from the income tax chargeable on total income, calculated at a fixed rate on the annual average of the amount of such interest, thereby treating the benefit as a deduction against tax liability rather than an exclusion from taxable income.
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