Rate reduction in section 220 lowers the prescribed percentage applied under the Income tax Act for tax surcharge computation. The Income tax Act provision is amended by textual substitution in the cited subsection, replacing the earlier fractional percentage expression with a lower specified percentage, thereby modifying the statutory charge rate stated in that subsection without altering any other provision.
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Provisions expressly mentioned in the judgment/order text.
Rate reduction in section 220 lowers the prescribed percentage applied under the Income tax Act for tax surcharge computation.
The Income tax Act provision is amended by textual substitution in the cited subsection, replacing the earlier fractional percentage expression with a lower specified percentage, thereby modifying the statutory charge rate stated in that subsection without altering any other provision.
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