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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 ..... eased by an additional surcharge for purposes of the Union (hereinafter referred to as additional surcharge) calculated in the manner provided in the said Schedule; (b) super tax shall, for the purposes of section 95 of the Income tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income tax Act), be charged 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, 1963,- (a) where the total income of an assessee, not being a company, inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce business so included at the rate applicable to the Life Insurance Corporation of India in accordance with Paragraph E of Part II of the First Schedule; and (ii) on the remaining part of its total income, at the rate applicable to the company on its total income. (4)(a) In cases to which Chapter 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 as specified in that Chapter, as the case may be. (b) In computing under section 209 of the Income tax Act, the advance tax payable by an assessee, the additional surcharge shall be included. (c) The amount of Income tax to be deducted at source under sub section (1) of sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equal to the income tax and super tax calculated respectively at the average rate of such taxes on an amount equal to two per cent. of the sale proceed in respect of such export; (iii) where an assessee of the type referred to in clause (i) engaged in the manufacture of any articles in an industry specified in the said First Schedule self after the 28th day of February, 1963, such articles to any other person in India who himself export them out of India an evidence is produced before the Income tax Officer of such articles having been so exported, the assessee shall be entitled to a deduction from the amount of income tax and super tax with which he is chargeable for the assessment year of an amount equal to the income tax and super tax ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oses of this section, and of the rates of tax imposed thereby, and of section 3 (i) the expressions assessment year , average rate of income tax , average rate of super tax , partner , tax and total income have the meanings respectively assigned to them under clauses (9), (10), (11), (23), (43) and (45) of section 2 of the Income tax Act; (ii) the expression earned income has the same meaning as in section 2 of the Finance (No. 2) Act, 1962 (20 of 1962). (8) For the purposes of Paragraphs A and C of Part I of the First Schedule, the expression residual income means the amount of the total income as reduced by (a) the amount of the capital gains, if any, included therein; and (b) the amount of tax (exclusive of additional surcharge) which wo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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