Tamil Nadu Agricultural Income-Tax (Second Amendment) Act, 1996*
| [Tamil Nadu Act No. 8 of 1996] | [29th May, 1996] |
An Act further to amend the Tamil Nadu Agricultural Income-Tax Act, 1955
Be it enacted by the Legislative Assembly of the State of Tamil Nadu in the Forty-seventh Year of the Republic of India as follows:-
* Received the assent of the Governor on the 29th May, 1996 and published in the Tamil Nadu Government Gazette, Extraordinary.
1. Short title and commencement.- (1) This Act may be called the Tamil Nadu Agricultural Income-tax (Second Amendment) Act, 1996.
(2) It shall be deemed to have come into force on the 1st day of April, 1995.
2. Amendment of section 5.- In section 5 of the Tamil Nadu Agricultural Income-tax Act, 1955 (Tamil Nadu Act V of 1955),-
(1) in clause (k), in the second proviso, after item (vi), the following item shall be inserted, namely:-
"(vii) any other source not being a relative of an assessee who is an individual:
Provided that the rate of interest on the borrowings from any other source referred to in this item shall be limited to fifteen per cent.
Explanation.- For the purpose of this item, "relative" means the husband, wife, brother or sister or any lineal ascendant or descendant of the individual";
(2) in clause (o), the words "or any contribution made in the previous year towards the Chief Minister's public Relief Fund" shall be added at the end.