Income-tax and super-tax rates with surcharge rules and apportionment for salary and life-insurance profits applied in assessments. Imposes income-tax and super-tax at rates specified in the First Schedule, with applicable surcharges; requires deductions at source at rates in Part III. For assessments, where a non-corporate assessee's total income includes salaries, tax and super-tax on that salary portion are apportioned by the salary's proportion of total income. For companies (excluding the Life Insurance Corporation) with life insurance profits, super-tax is aggregated: tax on life-insurance profits at the Life Insurance Corporation rate plus tax on remaining income at the company rate. Defines 'total income' and 'earned income' by reference to the Income-tax Act.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Income-tax and super-tax rates with surcharge rules and apportionment for salary and life-insurance profits applied in assessments.
Imposes income-tax and super-tax at rates specified in the First Schedule, with applicable surcharges; requires deductions at source at rates in Part III. For assessments, where a non-corporate assessee's total income includes salaries, tax and super-tax on that salary portion are apportioned by the salary's proportion of total income. For companies (excluding the Life Insurance Corporation) with life insurance profits, super-tax is aggregated: tax on life-insurance profits at the Life Insurance Corporation rate plus tax on remaining income at the company rate. Defines "total income" and "earned income" by reference to the Income-tax Act.
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