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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Ordinance 1990: Surcharge Hike for Domestic Companies to 15% on Tax Deductions and Collections.</h1> The Finance (Second Amendment) Ordinance, 1990, effective immediately, increases the surcharge rate on taxes for domestic companies from 8% to 15%. This applies to tax deductions at source under section 194C, tax collections under section 206C, and advance tax on life insurance business profits under section 115B of the Income-tax Act. The surcharge also affects income-tax deductions on certain payments and interest-tax for companies with income exceeding Rs. 75,000. The revised surcharge is payable by November 15, 1990, for the September 15, 1990, advance tax installment. Non-compliance will result in penalties under the Income-tax Act. Ministries and organizations are advised to inform relevant parties.
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