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Resolved,
That Rule 20 of the General Rules shall, in relation to a dividend paid by any body of persons, whether before or after the passing of this Resolution, be construed as authorising the deduction of tax from the full amount paid out of profits and gains of the said body which have been charged to tax or which, under the provisions of the Income Tax Acts, would fall to be included in computing the liability of the said body to assessment to tax for any year if the said provisions required the computation to be made by reference to that year and not by reference to any other year or period, and for all the purposes of the Income Tax Acts any such dividend, not being a preference dividend to which Section twelve of the Finance Act, 1930, applies, shall, to the extent to which it is paid out of such profits and gains as aforesaid, but subject to the provisions of Sub-section (3) of the said Section twelve, be deemed to represent income of such an amount as would, after such deduction of tax as is authorised by the said Rule, be equal to the net amount received.
And it is hereby declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act, 1913.