Income-tax rates set for the assessment year, with proportional salary allocation, life-insurance tax split and export reliefs. Income-tax for the assessment year beginning 1 April 1966 is charged at First Schedule rates with surcharges; salaries included in total income are taxed proportionately using prior rates; companies with life insurance profits are taxed by aggregating tax on the life insurance portion at the Life Insurance Corporation rate and tax on the remainder at the company rate. Export-related deductions are allowed (subject to exclusions and a cap not exceeding tax payable). TDS follows Part II rates and the section supplies key definitions including domestic and industrial company.
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 for the assessment year, with proportional salary allocation, life-insurance tax split and export reliefs.
Income-tax for the assessment year beginning 1 April 1966 is charged at First Schedule rates with surcharges; salaries included in total income are taxed proportionately using prior rates; companies with life insurance profits are taxed by aggregating tax on the life insurance portion at the Life Insurance Corporation rate and tax on the remainder at the company rate. Export-related deductions are allowed (subject to exclusions and a cap not exceeding tax payable). TDS follows Part II rates and the section supplies key definitions including domestic and industrial company.
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