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TMI BlogIncome-TaxX X X X Extracts X X X X X X X X Extracts X X X X ..... r commencing on the 1st day of April, 1967, 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-tax calculated - (i) on the amount of profits and gains from life insurance business so included, at the rate applicable in the case of the Life Insurance Corporation of India, in accordance with Paragraph E of Part I of the First Schedule, to that part of its total income which consists of profits and gains from life insurance business; and (ii) on the remaining part of its total income, at the rate applicable to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 made before the date aforesaid. Explanation : In this sub-clause, the expression sale proceeds does not include freight or insurance attributable to the transport of the articles beyond the customs station as defined in the Customs Act, 1962 (52 of 1962); (iii) where he is engaged in the manufacture of any articles in an industry specified in the said First Schedule and has, during the previous year, sold before the sixth day of June, 1966, such articles to any other person in India who himself has exported them out of India, and evidence is produced before the Income-tax Officer of such articles ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Board in this behalf. (5) In cases in which tax has to be deducted under sections 193, 194, 194A and 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. (6) In cases in which income-tax has to be calculated under the first proviso to sub-section (5) of section 132 of the Income-tax Act or charged under sub-section (4) of section 172 or sub-section (2) of section 174 or section 175 or sub-section (2) of section 176 or deducted under section 192 of the said Act from income chargeable under the head Salaries or in which the advance tax payable under Chapter XVII-C of the said Act has to be computed, at the rate or rates in force, such income-tax or, as the case m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee is a partner actively engaged in the conduct of the business or profession; or (iii) 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, or which is chargeable under that head under clause (ia) of sub-section (2) of section 56 of the Income-tax Act, and includes any such income which, though it is the income of another person, is included in the assessees total income under the provisions of the Income-tax Act, but does not include any such income on which income-tax is not payable under clause (iii) or clause (v) of section 86 of that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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