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TMI BlogThe Finance (Amendment) Ordinance, 1987--Clarification of provisionsX X X X Extracts X X X X X X X X Extracts X X X X ..... s Ordinance Part III of the First Schedule to the Finance Act, 1987 has been amended. 2. Part III of the First Schedule to the Finance Act, 1987, prescribed the rates of tax for the following purposes:- (i) deduction of tax at soruce under section 92 on income chargeable to tax under the head ``Salaries''; (ii) deduction of tax at source under section 80E(9) on payment of annuities; (iii) adva ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... own that where the income of a person exceeds Rs. 50,000, the amount of income-tax computed for the purpose of deduction of tax at source asl also for the purpose of payment of advance tax shall be increased by a surcharge for the purposes of the Union calculated at the rate of 5 per cent. ont the amount of the income-tax so computed. For example, in the case of an individual having an income of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1987, the surcharge in respect of these two instalments of the advance tax should be paid by the 30th September, 1987. 5. In the example referred to in paragraph 3 above, if the previous year of the person ends on the 31st December 1987, the person will be liable for the payment of advance ax in three equal instalments of Rs. 3,518 (consisting of Rs. 3,350 as advance tax and Rs. 168 as surcharg ..... X X X X Extracts X X X X X X X X Extracts X X X X
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