Rates of income-tax: statutory rate structure and specialised allocation rules govern tax computation and withholding for 1970 assessment year. Section 2 fixes income-tax for the assessment year beginning 1 April 1970 at the rates in Part I of the First Schedule with applicable surcharges, requires companies (other than LIC) with life-insurance profits to compute tax separately on the insurance portion at the LIC rate and on the remainder at the company rate, directs cases under Chapter XII to follow that Chapter's determination, prescribes deduction rates in Part II and calculation/deduction/advance tax rates in Part III, and supplies key definitions (domestic company, industrial company, tax free security) with undefined terms to be read from the Income-tax Act.
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Provisions expressly mentioned in the judgment/order text.
Rates of income-tax: statutory rate structure and specialised allocation rules govern tax computation and withholding for 1970 assessment year.
Section 2 fixes income-tax for the assessment year beginning 1 April 1970 at the rates in Part I of the First Schedule with applicable surcharges, requires companies (other than LIC) with life-insurance profits to compute tax separately on the insurance portion at the LIC rate and on the remainder at the company rate, directs cases under Chapter XII to follow that Chapter's determination, prescribes deduction rates in Part II and calculation/deduction/advance tax rates in Part III, and supplies key definitions (domestic company, industrial company, tax free security) with undefined terms to be read from the Income-tax Act.
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