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of <h1>Income Tax Rates and Deductions for 1966-67: Key Provisions for Individuals, Companies, and Exporters Explained</h1> For the financial year 1966-67, income tax is levied at specified rates, with additional surcharges for certain cases. For individuals with salary income, tax is proportionate to their total income. Companies, excluding the Life Insurance Corporation, pay tax on life insurance profits at specific rates. Exporters of goods or merchandise receive tax deductions, with additional deductions for manufacturers in certain industries, excluding specified goods like fuels and textiles. Tax deductions are capped at the total payable tax. Definitions clarify terms like 'domestic company,' 'earned income,' and 'industrial company,' with specific criteria for classification and tax implications.
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