Amendment status not verified — confirm the current text below against the official source.
In the Kerala Finance Act, 2019 (5 of 2019), in Section 12 -- (1) in sub-section (1),-- (a) in clause (i), for the words "fifty per cent", the words "seventy per cent" shall be substituted; (b) in clause (ii), for the words "forty per cent", the words "sixty per cent" shall be substituted; (2) in sub-section (4) for the words "an assessee" the words "a year" shall be substituted; (3) in sub-section (5),-- (a) for the words and figures "30th November, 2020", occurring at both the places, the words and figures "30th November, 2021", shall be substituted; (b) for the words and figures "31st March, 2021", the words and figures "31st March, 2022" shall be substituted. (4) in sub-section (7), for the words and figures "31st March, 2021", the words and figures "31st March, 2022" shall be substituted. (5) after sub-section (12), the following sub-section shall be inserted, namely:-- "(12A) Where any amount has been paid in part under this section during the year 2020-21, the amount so paid shall be appropriated towards the earliest arrear, and the balance amount, if any, shall be appropriated towards the arrears of subsequent years. In the case where such amount is to be given credit towards the arrears opted to be settled under this section, the amount shall be given credit as tax before reckoning the arrears to be settled under sub-section (6). Explanation.-- For the purpose of this section, "earliest arrears" means the outstanding dues related to the oldest year among the arrears pending against the assessee."