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of <h1>Finance Act 1965 amends Income Tax Act, rule 3(c): 25% deduction on annual average interest income.</h1> The Finance Act, 1965, amends the First Schedule of the Income Tax Act, specifically in rule 3, clause (c). The amendment changes the provision regarding the taxation of interest income. Previously, no income tax was payable on the annual average of such interest. The amendment now allows the assessee to receive a deduction from their chargeable income tax. This deduction is calculated at a rate of 25% on the annual average of the interest amount.
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