Income-tax rates and surcharge framework set, with special allocation for companies earning life insurance profits. Income-tax rates for the assessment year beginning 1 April 1968 are set by Part I of the First Schedule with surtaxes where applicable; companies with life insurance profits must compute tax by taxing life-insurance income at the Life Insurance Corporation rate under Paragraph E and the remainder at the company rate; Chapter XII cases follow that Chapter's procedures with reference to these rates; withholding and salary/advance tax computations use the rates in Parts II and III; defined terms supply interpretive rules for companies, earned/unearned income, industrial companies and tax-free securities.
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Provisions expressly mentioned in the judgment/order text.
Income-tax rates and surcharge framework set, with special allocation for companies earning life insurance profits.
Income-tax rates for the assessment year beginning 1 April 1968 are set by Part I of the First Schedule with surtaxes where applicable; companies with life insurance profits must compute tax by taxing life-insurance income at the Life Insurance Corporation rate under Paragraph E and the remainder at the company rate; Chapter XII cases follow that Chapter's procedures with reference to these rates; withholding and salary/advance tax computations use the rates in Parts II and III; defined terms supply interpretive rules for companies, earned/unearned income, industrial companies and tax-free securities.
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