Surcharge payments: deductibility limited to payments after enactment; specified deadlines imposed for advance tax surcharges. The Finance (Amendment) Act, 1987 provides that the surcharge under sub section (4A) of section 2 and Part II of the First Schedule is deductible only for ... Summary
Surcharge payments: deductibility limited to payments after enactment; specified deadlines imposed for advance tax surcharges.
The Finance (Amendment) Act, 1987 provides that the surcharge under sub section (4A) of section 2 and Part II of the First Schedule is deductible only for payments made after the Act receives presidential assent, and prescribes specific payment deadlines for surcharges tied to advance tax instalments: certain instalments falling on mid year and later dates must be paid by set dates in order to comply with the amended provisions.
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