23. Insertion of new section 48A in the principal enactment

The following new section is hereby inserted immediately after section 48 of the principal enactment and shall have effect as section 48A of that enactment:-

48A. Such part of the profits and income from any agricultural undertaking referred to in section 16, included in the taxable income of any person for any year of assessment commencing on or after April 1, 2011 shall, notwithstanding anything to the contrary in any other provisions of this Act, be taxable at the appropriate rate specified in the Fifth

Schedule to this Act.”.

“Rate of income tax after the expiry of tax exemption under section 16.