Clause 7
Amendment of section 10I
of Income Tax (Amendment) Bill
BillNot in forceProvision 7 of 49
Clause 7
Section 10I(5) of the principal Act is amended —
(a)
by deleting the words “share premium or capital redemption” in paragraph (a); and
(b)
by deleting paragraph (h) and substituting the following paragraph:“(h)any amount applied by a company in issuing shares of the company to its shareholders as bonus shares shall not be regarded as receipts by the company from the issue of shares.”.