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TMI BlogIncome-taxX X X X Extracts X X X X X X X X Extracts X X X X ..... case in the manner provided therein. (2) In making any assessment for the assessment year commencing on the 1st day of April, 1973, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s specified in Part III of the First Schedule : Provided that in respect of any income chargeable to tax under section 164 of the Income-tax Act at the rate of sixty-five per cent., advance tax shall be computed at that rate. (6) In the cases to which Sub-Paragraph I or Sub-Paragraph II of Paragraph A of Part III of the First Schedule applies, where the assessee has, in the previous year or, if by virtue of any provision of the Income-tax Act income-tax is to be charged in respect of the income of a period other than the previous year, in such other period, any net agricultural income, in addition to total income, and the total income exceeds five thousand rupees, then, in calculating income-tax under the first proviso to sub-section (5) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reased were the total income; (iii) the amount by which income-tax or, as the case may be, advance tax determined in accordance with sub-clause (i) exceeds the amount of income-tax or advance tax determined in accordance with sub-clause (ii) shall be the income-tax advance tax in respect of the total income : Provided that in cases where Sub-Paragraph I of the said Paragraph A applies, - (A) where the aggregate income referred to in sub-clause (i) exceeds fifteen thousand rupees but does not exceed fifteen thousand one hundred and eighty rupees, the provisions of that Sub-Paragraph relating to surcharge on income-tax shall, for the purposes of determining the amount of income-tax or advance tax under sub-clause (ii), apply subject to the mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 194 of that Act; (c) industrial company means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining. Explanation : For the purposes of this clause, a company shall be deemed to be mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining, if the income attributable 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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