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of <h1>Finance Act 1964 Amends 1963 Act: Surcharge on Income Tax Capped Retroactively per Revised Clause Proviso</h1> The Finance Act of 1964 amends the Finance Act of 1963 by revising clause (ii) of the proviso to clause (c) in Paragraph A of Part I of the First Schedule, which pertains to 'Surcharges on income-tax.' The amendment specifies that the additional surcharge cannot exceed one-half of the amount by which the residual income surpasses a designated limit. This change is retroactively applied, meaning it is considered to have always been in effect.
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