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of <h1>Amendment to Companies (Profits) Surtax Act: Surtax Rate Increased to 40%, New Proviso for Indian Companies Added</h1> The amendment to the Companies (Profits) Surtax Act, 1964, effective from April 1, 1975, changes the surtax rate in the Third Schedule from 30% to 40%. A proviso is added for Indian companies or those declaring dividends in India, meeting specific criteria under the Income-tax Act and having a certain percentage of paid-up share capital. If the total income tax and surtax exceed 70% of the company's total income, the excess is deducted from the surtax amount, determining the surtax payable by the company.
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