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of <h1>Income-tax Act Section 212 Amended: 'Current Income' Replaces Old Phrase; Sub-section (3) Removed for Clarity.</h1> Section 212 of the Income-tax Act was amended effective June 1, 1978, by the Finance Act of 1978. In sub-section (1), the phrase describing total income excluding certain capital gains and specific income types was replaced with the term 'current income.' Additionally, sub-section (3) was removed entirely. These changes streamline the language related to the calculation of current income for tax purposes.
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