Income-tax rates set for the assessment year establish rate schedules, withholding rules and special company treatment and definitions. Income-tax for the assessment year commencing 1 April 1969 is charged at rates in Part I of the First Schedule, with applicable surcharges; companies with life insurance profits pay aggregate tax applying the Life Insurance Corporation rate to the insurance portion and the company rate to the remainder. Deduction provisions use Part II rates; certain salary, payment and advance tax computations use Part III rates. The section prescribes meanings for 'domestic company', 'industrial company', 'tax free security' and adopts Income-tax Act definitions for other terms.
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Provisions expressly mentioned in the judgment/order text.
Income-tax rates set for the assessment year establish rate schedules, withholding rules and special company treatment and definitions.
Income-tax for the assessment year commencing 1 April 1969 is charged at rates in Part I of the First Schedule, with applicable surcharges; companies with life insurance profits pay aggregate tax applying the Life Insurance Corporation rate to the insurance portion and the company rate to the remainder. Deduction provisions use Part II rates; certain salary, payment and advance tax computations use Part III rates. The section prescribes meanings for "domestic company", "industrial company", "tax free security" and adopts Income-tax Act definitions for other terms.
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