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of <h1>Finance (Amendment) Act, 1987: 5% Surcharge on Income Tax Deductions and Advance Tax for Income Over Rs. 50,000.</h1> The Finance (Amendment) Act, 1987, received presidential assent on December 16, 1987, and amends the Finance Act, 1987. It introduces a surcharge of 5% on income tax deductions under section 194C of the Income-tax Act and on 'advance tax' for income chargeable under section 115B. Amendments to the First Schedule specify this surcharge applies to income exceeding fifty thousand rupees, excluding non-residents. The Act outlines specific dates for surcharge payments related to advance tax instalments. The Finance (Amendment) Ordinance, 1987, is repealed, but prior actions under it remain valid.
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