Surtax increase mitigated by cap for qualifying companies; where combined tax exceeds set proportion of income, surtax is reduced. Amendment increases the Companies (Profits) Surtax rate effective 1 April 1975 and adds a proviso limiting surtax for qualifying companies: where a qualifying Indian company or company with prescribed dividend arrangements meets the paid-up share capital threshold, if the sum of income-tax after allowable reliefs and the computed surtax exceeds seventy per cent of total income, the excess is deducted from surtax and the balance is payable.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Surtax increase mitigated by cap for qualifying companies; where combined tax exceeds set proportion of income, surtax is reduced.
Amendment increases the Companies (Profits) Surtax rate effective 1 April 1975 and adds a proviso limiting surtax for qualifying companies: where a qualifying Indian company or company with prescribed dividend arrangements meets the paid-up share capital threshold, if the sum of income-tax after allowable reliefs and the computed surtax exceeds seventy per cent of total income, the excess is deducted from surtax and the balance is payable.
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