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TMI BlogIncome Tax and Super TaxX X X X Extracts X X X X X X X X Extracts X X X X ..... rged at the rates specified in Part II of the First Schedule, and, in the cases to which Paragraphs A, B and C of that Part apply, shall be increased by a surcharge for purposes of the Union and a special surcharge, 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, 1962, (a) where the total income of an assessee, not being a company, includes any income chargeable under the head Salaries , the income tax payable by the assessee on that part of his total income which consists of such inclusion shall be an amount bearing to the total amount of income tax payable according to the rates applicable under the operation of the Finance Act, 1961 (14 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... XII of 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 specified in that Chapter, as the case may be. (5) (i) An assessee being an Indian company or any other company which has made the prescribed arrangements for the declaration and payment of dividends within India or an assessee other than a company, whose total income includes any profits and gains derived from the export of any goods or merchandise out of India, shall be entitled to a deduction, from the amount of income tax and super tax with which he is chargeable for the assessment year commencing on the 1st day of April, 1962, of an amount equal to the income tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re the business or profession is carried on by the assessee or, in the case of a firm, where the assessee is a partner actively engaged in the conduct of the business or profession; or (c) which is chargeable under the head Income from other sources if it is immediately derived from personal exertion or represents a pension or superannuation or other allowance given to the assessee in respect of the past services of any deceased person; and includes any such income which, though it is income of another person, is included in the assessee s income under the provisions of the Income tax Act, 1961 (43 of 1961), but does not include any such income on which tax is not payable under clause (iii) or clause (v) of section 86 or clause (i) or claus ..... X X X X Extracts X X X X X X X X Extracts X X X X
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