Income-tax rates and surcharges set by Schedule, with separate rules for life insurance income and withholding. Income-tax for the assessment year beginning on the first day of April, 1971, is charged at rates in Part I of the First Schedule with applicable surcharges; TDS rates are specified in Part II and special calculation or advance tax situations use Part III. Companies with life insurance business must segregate insurance profits and tax that portion at the Life Insurance Corporation rate while taxing remaining income at the company rate. Chapter XII and the cited section modify charges where applicable. Subsection (6) defines key terms including domestic company, industrial company, and tax free security, and otherwise incorporates definitions from the Income-tax Act.
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Provisions expressly mentioned in the judgment/order text.
Income-tax rates and surcharges set by Schedule, with separate rules for life insurance income and withholding.
Income-tax for the assessment year beginning on the first day of April, 1971, is charged at rates in Part I of the First Schedule with applicable surcharges; TDS rates are specified in Part II and special calculation or advance tax situations use Part III. Companies with life insurance business must segregate insurance profits and tax that portion at the Life Insurance Corporation rate while taxing remaining income at the company rate. Chapter XII and the cited section modify charges where applicable. Subsection (6) defines key terms including domestic company, industrial company, and tax free security, and otherwise incorporates definitions from the Income-tax Act.
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