9911796707
TMI BlogIncome-TaxX X X X Extracts X X X X X X X X Extracts X X X X ..... B, C and D of that Part apply, shall be increased by a surcharge for purposes of the Union and in the cases to which Paragraph C applies, also by a special surcharge for purposes of the Union, calculated in each case in the manner provided therein. (2) In making any assessment for the assessment year commencing on the 1st day of April, 1970, where the total income of a company, other than the Life ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. (4) In cases in which tax has to be deducted under Sections 193, 194, 194-A 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. (6) For the purposes of this section and the First Schedule, - (a) company in which the public are substantially interested means a company which is such a company as is referred to in Section 108 of the Income-tax Act; (b) domestic company means an Indian company, or any other company which, in respect of its income liable to income-tax under the Income-tax Act for the assessment year commenci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... utable to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under Chapter VIA of the Income-tax Act) is not less than fifty-one per cent. of such total income; (d) tax free security means any security of the Central Government issued or declared to be income-tax free, or any security of a State Government issued i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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