The Finance (Amendment) Ordinance, 1987--Clarification of provisions

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e Finance (Amendment) Ordinance, 1987. By this Ordinance Part III of the First Schedule to the Finance Act, 1987 has been amended. 2. Part III of the First Schedule to the Finance Act, 1987, prescribed the rates of tax for the following purposes:- (i) deduction of tax at soruce under section 92 on income chargeable to tax under the head ``Salaries''; (ii) deduction of tax at source under ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ess [Section 176(2)]; 3. Paragraph 2 of the Ordinance lays down that where the income of a person exceeds Rs. 50,000, the amount of income-tax computed for the purpose of deduction of tax at source asl also for the purpose of payment of advance tax shall be increased by a surcharge for the purposes of the Union calculated at the rate of 5 per cent. ont the amount of the income-tax so computed. ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d or payable by a taxpayer on 15th June, 1987, and 15th September, 1987, the surcharge in respect of these two instalments of the advance tax should be paid by the 30th September, 1987. 5. In the example referred to in paragraph 3 above, if the previous year of the person ends on the 31st December 1987, the person will be liable for the payment of advance ax in three equal instalments of Rs. 3,....