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

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Full Text of the Document

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....d 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 requirement of the service of any notice of demand by th....