Income tax and super tax: rates, proportional salary apportionment, company insurance taxation and export deduction rules applied. Section 2 requires income tax and super tax for the assessment year commencing 1 April 1964 to be charged at First Schedule rates (with applicable surcharges) and sets apportionment rules: salary income of non company assessees is taxed proportionately using prior rates; companies (except the Life Insurance Corporation) with life insurance profits pay super tax split between insurance profits and remaining income; exporters and qualifying manufacturers receive specified deductions subject to exclusions and an overall cap; withholding rates follow Part III; defined terms adopt Income tax Act meanings.
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, proportional salary apportionment, company insurance taxation and export deduction rules applied.
Section 2 requires income tax and super tax for the assessment year commencing 1 April 1964 to be charged at First Schedule rates (with applicable surcharges) and sets apportionment rules: salary income of non company assessees is taxed proportionately using prior rates; companies (except the Life Insurance Corporation) with life insurance profits pay super tax split between insurance profits and remaining income; exporters and qualifying manufacturers receive specified deductions subject to exclusions and an overall cap; withholding rates follow Part III; defined terms adopt Income tax Act meanings.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
