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TMI BlogThe Finance (Amendment) Act, 1987X X X X Extracts X X X X X X X X Extracts X X X X ..... 1987 Be it enacted by Parliament in the Thirty-eighth Year of the Republic of India as follows :- 1 SHORT TITLE AND COMMENCEMENT. (1) This Act may be called the Finance (Amendment) Act, 1987. (2) Sub-clause (ii) of clause (b) of section 3 and clause (c) of section 4 shall be deemed to have come into force on the 19th day of September, 1987, and the remaining provisions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, the advance tax computed under the first proviso shall be increased by a surcharge for purposes of the Union calculated at the rate of five per cent. of such advance tax .' 3 AMENDMENT OF THE FIRST SCHEDULE. In the First Schedule to the principal Act, - (a) in Part II, the following shall be added at the end, namely :- Surcharge on income-tax The amou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... total income exceeding fifty thousand rupees, be increased by a surcharge for purposes of the Union calculated at the rate of five per cent. of such income-tax : Provided that no such surcharge shall be payable by a non-resident. . 4 PAYMENT OF SURCHARGE. Notwithstanding anything contained in the Income-tax Act, 1961 (43 of 1961), - (a) the surcharge payable under sub- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th day of September, 1987, shall be payable on or before the 30th day of September, 1987. 5 REPEAL AND SAVING (1) The Finance (Amendment) Ordinance, 1987 (Ord. 6 of 1987), is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken under the principal Act, as amended by the said Ordinance, shall be deemed to have been done or taken under the p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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