Companies (Surcharge on Income-tax) Act, 1971-Explanatory notes on.

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....a-ment, received the assent of the President on the 23rd December, 1971, and has been enacted as Act No. 62 of 1971. 2. The Act provides for the levy of a surcharge at the rate of 2.5 per cent, on advance tax payable under the Income-tax Act, 1961, by all companies during the financial year 1971-72. The amount of the surcharge is required to be paid by companies on their own motion, without the....

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.... 3. It is necessary to note that although the surcharge is levied at the rate of 2.5 per cent, on the income-tax payable in advance, it is a distinct and separate levy and is not to be regarded as a part of the advance tax payable by the company in accordance with the provisions of sections 208 to 219 of the Income-tax Act. Hence, the amount required to be paid by way of surcharge will not be t....