Income-tax both on the incomes of company assessees and non-company assessees.

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....(Entry 82 in the Seventh Schedule to the Constitution read with Article 270). It is commonly referred to as 'Income-tax' to distinguish it from 'Corporation-tax' and is accounted for under the account head "021-Taxes on Income other than Corporation-tax". The collections of corporation-tax including Surcharge on the tax leviable on the incomes of the companies are meant entirely for the Central Government. Tax on the incomes of non-company assessees (excluding Surcharge thereon, the tax payable in respect of Union emoluments and amount credited under the minor head "Other Receipts" i.e. Penalties, interest, fines, fees etc.) is assigned to the State, after deducting a percentage of the collections attributable to Union territories. At prese....

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....se for the payment of various Direct Taxes are mentioned in the Annexure. 3. Immediate action is required to ensure that assessees have been supplied the appropriate form of challans for the payment of advance-tax instalments due in December, 1977 and March, 1978. More particularly, the assessees liable for payment of Corporation-tax (i.e company assessees) and those liable for the payment of Interest-tax (i.e. scheduled banks) should be supplied with the appropriate form of challans, if not done so already. In case the challans for the payment of Corporation -tax are not readily available, they should be got locally printed for the current financial year's requirements on any coloured paper other than white paper. If other types of chal....