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of <h1>Finance Amendment 1987: 5% Surcharge on Income Over Rs. 50,000; Affects Advance Tax Payments.</h1> The Finance (Amendment) Ordinance, 1987, promulgated by the Central Government, amends Part III of the First Schedule to the Finance Act, 1987, affecting tax rates for various purposes, including tax deduction at source and advance tax. It introduces a 5% surcharge on income exceeding Rs. 50,000. For example, an individual with Rs. 52,000 income will pay Rs. 10,553 in advance tax, including the surcharge. Taxpayers must pay the surcharge for advance tax installments due on June 15 and September 15, 1987, by September 30, 1987. Non-compliance results in default under the Income-tax Act.
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