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784/CBDT.

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....mount by which the 'chargeable profits' exceed the statutory deduction equal to 10 per cent. of capital of the company or an amount of Rs.2 lakhs, whichever is greater. The Second Schedule to the Surtax Act lays down the mode of computing the capital of a company. 2. Rule 1 of the Second Schedule lays down that the capital of a company shall be the aggregate of the amounts as on the first day o....

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