Surcharge cap: additional surcharge limited by proportion of residual income under amended Finance Act provision. The Finance Act, 1964 substitutes the proviso clause in Paragraph A of Part I of the First Schedule to the Finance Act, 1963 to provide that the ... Summary
Surcharge cap: additional surcharge limited by proportion of residual income under amended Finance Act provision.
The Finance Act, 1964 substitutes the proviso clause in Paragraph A of Part I of the First Schedule to the Finance Act, 1963 to provide that the additional surcharge shall in no case exceed one-half of the amount by which the residual income exceeds the specified limit, and declares that the substitution shall be deemed always to have been in force.
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