TaxTMI 
TaxTMI 
Income-Tax
X X X X Extracts X X X X
X X X X Extracts X X X X
....irst Schedule and, in the cases to which Paragraphs A, B, C and D of that Part apply, shall be increased by a surcharge for purposes of the Union and a special surcharge for purposes of the Union calculated in either case in the manner provided therein. (2) In making any assessment for the assessment year commencing on the 1st day of April, 1968, where the total income of a company, other than ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rred to as the Income-tax Act) applies, the tax chargeable shall be determined as provided in that Chapter, and with reference to the rates imposed by sub-section (1) or the rates as specified in that Chapter, as the case may be. (4) In cases in which tax has to be deducted under sections 193, 194, 194A and 195 of the Income-tax Act at the rates in force, the deduction shall be made at the rate....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s specified in Part III of the First Schedule. (6) For the purposes of this section and the First Schedule, - (a) "company in which the public are substantially interested" means a company which is such a company as is referred to in section 108 of the Income-tax Act; (b) "domestic company" means an Indian company, or any other company which, in respect of its income liable to....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Explanation : For the purposes of this clause, a company shall be deemed to be mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining, if the income attributable to any one or more of the aforesaid activities included in its total income of the previous....