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of <h1>Finance (Amendment) Act, 1987 adds 5% surcharge on income tax and advance tax; exempts non-residents.</h1> The Finance (Amendment) Act, 1987 modifies the First Schedule of the principal Act by introducing a surcharge on income tax. In Part II, a five percent surcharge is added to the computed income tax. In Part III, the amendment includes a surcharge on advance tax for income chargeable under section 115B. Additionally, for individuals with a total income exceeding fifty thousand rupees, a five percent surcharge is added to the income tax calculated under specified paragraphs. However, non-residents are exempt from this surcharge.
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