Surtax increase mitigated by cap for qualifying companies; where combined tax exceeds set proportion of income, surtax is reduced. Amendment increases the Companies (Profits) Surtax rate effective 1 April 1975 and adds a proviso limiting surtax for qualifying companies: where a ... Summary
Surtax increase mitigated by cap for qualifying companies; where combined tax exceeds set proportion of income, surtax is reduced.
Amendment increases the Companies (Profits) Surtax rate effective 1 April 1975 and adds a proviso limiting surtax for qualifying companies: where a qualifying Indian company or company with prescribed dividend arrangements meets the paid-up share capital threshold, if the sum of income-tax after allowable reliefs and the computed surtax exceeds seventy per cent of total income, the excess is deducted from surtax and the balance is payable.
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