9911796707
TMI BlogIncome TaxX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 and super tax payable according to the rates applicable under the operation of the Finance Act, 1964 (5 of 1964), on his total income the same proportion as the amount of such inclusion bears to his total income. (3) In making any assessment for the assessment year commencing on the 1st day of April, 1965, where the total income of a company, other than the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956), includes any profits and gains from life insurance business, the income tax payable by it shall be the aggregate of the income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dustries (Development and Regulation) Act, 1951 (65 of 1951), has during the previous year exported such articles out of India, he shall be entitled, in addition to the deduction of income tax referred to in sub clause (i), to a further deduction, from the amount of income tax with which he is chargeable for the assessment year, of an amount equal to the income tax calculated at the average rate of income tax on an amount equal to two per cent. of the sale proceeds receivable by him in respect of such export; (iii) where an assessee of the type referred to in sub clause (i) engaged in the manufacture of any articles in an industry specified in the said First Schedule has, during the previous year, sold such articles to any other person in I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... profits and gains derived from the export of any goods or merchandise out of India in respect of which deduction of income tax is admissible under sub clause (i) of clause (a) shall be computed in accordance with the rules made by the Central Board Taxes in this behalf. (6) In cases in which tax has to be deducted under sections 193 to 195 of the Income tax Act at the rates in force, the deduction shall be made at the rates specified in Part II of the First Schedule. (7) For the purposes of this section, and of the rates of income tax imposed thereby, and of section 3- (i) the expressions assessment year , average rate of income tax , non resident , partner , and total income have, unless the context otherwise requires, the meanings respect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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