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        F. Acts / Amendment Acts

        Section 2 - Income-Tax

        Finance (No. 2) Act, 1967
        Chapter II
        INCOME-TAX AND ANNUITY DEPOSITS FOR THE FINANCIAL YEAR 1967-68

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        Income-tax rates set with surcharge rules, export-related tax deductions, and allocation for life-insurance income of companies. Income-tax for the 1967-68 assessment year is charged at First Schedule rates with surcharges; companies with life insurance profits must segregate those profits and apply the Life Insurance Corporation rate to that part while taxing the remainder at the company rate. Export-related deductions against tax are authorised for qualifying domestic companies and assessees, subject to exclusions and an aggregate cap, and withholding and salary/advance tax computations follow rates in Parts II and III respectively. Key operative definitions are provided for application of these provisions.
                          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 rates set with surcharge rules, export-related tax deductions, and allocation for life-insurance income of companies.

                              Income-tax for the 1967-68 assessment year is charged at First Schedule rates with surcharges; companies with life insurance profits must segregate those profits and apply the Life Insurance Corporation rate to that part while taxing the remainder at the company rate. Export-related deductions against tax are authorised for qualifying domestic companies and assessees, subject to exclusions and an aggregate cap, and withholding and salary/advance tax computations follow rates in Parts II and III respectively. Key operative definitions are provided for application of these provisions.


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