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of <h1>Income Tax for 1967-68: Rates, Surcharges, and Deductions for Exporters and Companies under Income-tax Act, 1961.</h1> For the financial year 1967-68, income tax is levied at specified rates with potential surcharges for Union purposes. Companies, excluding the Life Insurance Corporation of India, with life insurance profits are taxed on those profits at specific rates. Exporters of goods before June 6, 1966, receive tax deductions, with certain exclusions. Tax deductions are capped at the total payable tax. Specific rules apply for tax deductions at source and advance tax calculations. Definitions are provided for terms like 'domestic company,' 'earned income,' and 'industrial company,' among others, aligning with the Income-tax Act, 1961.
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