https://www.taxtmi.com/caselaws?id=20409 Rule 2(i) of the First Schedule to the Companies (Profits) Surtax Act, 1964 permits reduction only of income-tax actually payable after giving effect to statutory reliefs, rebates and deductions under the Income-tax Act or the Finance Act. A surcharge on income-tax, including any amount deposited under the Companies Deposits (Surcharge on Income-tax) Scheme, 1976, is not treated as a separate deductible item for computing chargeable profits. The reference in rule 2(ii) to tax actually paid outside India reinforces that the rule contemplates actual tax outgo after statutory adjustments, not a notional or additional liability. en-us Fri, 02 Jul 1993 00:00:00 +0530 Fri, 13 Nov 2009 17:16:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20409 Rule 2(i) of the First Schedule to the Companies (Profits) Surtax Act, 1964 permits reduction only of income-tax actually payable after giving effect to statutory reliefs, rebates and deductions under the Income-tax Act or the Finance Act. A surcharge on income-tax, including any amount deposited under the Companies Deposits (Surcharge on Income-tax) Scheme, 1976, is not treated as a separate deductible item for computing chargeable profits. The reference in rule 2(ii) to tax actually paid outside India reinforces that the rule contemplates actual tax outgo after statutory adjustments, not a notional or additional liability. Case-Laws Income Tax Fri, 02 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20409