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TMI BlogIncome-taxX X X X Extracts X X X X X X X X Extracts X X X X ..... ommencing on the 1st day of April, 1966, 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, 1965(10 of 1965), 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, 1966, where the total income of a company, other than the Life Insurance Corporation of India established under the Life Insurance Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome; (ii) where he is engaged in the manufacture of any articles in an industry specified in the First Schedule to the Industries (Development and Regulation) Act, 1951(65 of 1951), and 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. Explanation.-In this sub-clause, the expression sale proceeds does not include freight or insurance attributa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ), 25, 28, 35, 37 and 38 of the First Schedule to the Industries (Development and Regulation) Act, 1951(65 of 1951). (d) The amount of any 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 Board 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 the First Schedule,- (a) company in which the public are substantially interested includes a subsidiary company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 assessee's 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 Act or which is exempted from tax under a notification issued under section 60 or section 60A of the Indian Income-tax Act, 1922(11 of 1922), as continued in force by clause (l) of sub-section (2) of section 297 of the Income-tax Act; (d) industrial company means a company which is mainly engaged in the business of g ..... X X X X Extracts X X X X X X X X Extracts X X X X
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