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of <h1>Tax Surcharge Hikes for Companies and Individuals; Depreciation Deduction Limited to 75% Starting April 1991.</h1> The circular outlines changes in tax deduction and collection at source, and advance tax, as per the Taxation Laws (Amendment) Act, 1991. For domestic companies, the surcharge on income-tax deducted at source increased from 8% to 15%, effective from October 15, 1990, while for non-corporate resident assessees, it rose to 12% from January 15, 1991. The surcharge on advance tax for domestic companies and non-corporate resident assessees with income over Rs.75,000 also increased. Additionally, depreciation deductions for companies are restricted to 75% for the assessment year starting April 1, 1991. Relevant authorities are requested to inform responsible parties.
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