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COMPANIES (SURCHARGE ON INCOME-TAX) ACT, 1971 [REPEALED]

Ministry of Law and Justice

Act nº 62 of 1971


  • Act nº 62 of 1971

Preamble

COMPANIES (SURCHARGE ON INCOME-TAX) ACT, 1971

[Act, No. 62 of 1971]

[23rd December, 1971]

PREAMBLE

An Act to provide for the levy of a surcharge on income-tax payable in advance by companies during the financial year 1971-72 under the Income-tax Act, 1961.

BE it enacted by Parliament in the Twenty-second Year of the Republic of India as follows: -

Section 1. Short title

This Act may be called The Companies (Surcharge On Income-Tax) Act, 1971.

Section 2. Definitions

In this Act, unless the context otherwise requires,

(a) "Income-tax Act" means the Income-tax Act, 1961;

(b) All words and expressions used in this Act shall have the meanings respectively assigned to them in the Income-tax Act.

Section 3. Levy of surcharge on income-tax payable by companies during 1971-72

(1) Every company which is liable to pay advance tax under Section 210 or Section 212 of the Income-tax Act during the financial year commencing on the 1st day of April, 1971, shall, in addition to the advance tax so payable, pay to the credit of the Central Government on or before the15th day of March, 1972, a further sum, by way of surcharge on income-tax, calculated at the rate of two and one-half per cent, of the amount specified in sub-section (2).

(2) The amount referred to in sub-section (1) shall be

(i) In a case where advance tax is required to be paid by an order under sub-section (1) or sub-section (3) of Section 210 of the Income-tax Act, the amount specified in such order;

(ii) In a case where advance tax is payable under sub-section (1) or sub- section (2) or sub-section (3) or sub-section (3A) of Section 212 of the Income-tax Acton the basis of the estimate furnished by the company, the amount of advance tax so payable.

(3) Any sum required to be paid by a company as surcharge on income tax under sub-section (1) shall be paid without any notice of demand to the company in that behalf from the Income-tax Officer.

Section 4. Mode of recovery

If the sum required to be paid under sub-section (1) of Section 3 is not paid on or before the 15th day of March, 1972,the company shall be deemed to be an assessed in default and

(a) The company shall be liable to pay simple interest at nine per cent, per annum from the 16th day of March, 1972;

(b) All the provisions of Sections 221to 227,Section 229, Section 231and Section 232 of the Income-tax Act and the Second and Third Schedules to that Act and any rules made there under shall, so far as may be, apply as if the said provisions were the provisions of this Act and referred to surcharge on income-tax and sums imposed by way of penalty and interest under this Act instead of to income-tax and sums imposed by way of penalty and interest under that Act and as if references to sub-section (2) of Section 220 were references to clause (a) of this section.

Section 5. Credit for surcharge

Any sum paid by or recovered from a company as surcharge on income-tax in pursuance of this Act shall be treated as a payment of tax under the Income-tax Act in respect of the income of the period which would be the previous year for the assessment year commencing on the 1st day of April, 1972, and credit therefore shall be given to the company for the purposes of assessment under Section 140A, Section 141A, Section 143 or Section 144 of the Income-tax Act.

Repealing Act1
Direct-Tax Laws (Miscellaneous) Repeal Act, 2000

THE DIRECT-TAX LAWS (MISCELLANEOUS) REPEAL ACT, 2000

[Act, No. 20 of 2000]

[9th June, 2000]

PREAMBLE

An Act to repeal certain enactments relating to direct taxes.

Be it enacted by parliament in the Fifty-first Year of the Republic of India as follows:--

1. Short title

This Act may be called the Direct-tax Laws (Miscellaneous) Repeal Act, 2000.

2. Repeal of certain enactments

The enactments specified in the Schedule are hereby repealed.

3. Savings

(1) The repeal by this Act of any enactment shall not--

(a) affect any other enactment in which the repealed enactment has been applied, incorporated or referred to;

(b) affect the validity, invalidity effect or consequences of anything already done or suffered, or any right, title, in immunity, obligation or liability already acquired, accrued or incurred, or any remedy or proceeding in respect thereof, or any release or discharge of or from any debt, penalty, obligation, liability, claim or demand, or any indemnity already granted, or the proof of any past act or thing;

(c) affect any principle or rule of law, or established jurisdiction, form or course of pleading, practice or procedure, or existing usage, custom, restriction, exemption, office or appointment, notwithstanding that the same respectively may have been in any manner affirmed or recognised or derived by, in or from any enactment hereby repealed;

(d) revive or restore any jurisdiction, office, custom, liability, right, title, restriction, exemption, usage, practice, procedure or other matter or thing not now existing or in force.

(2) The mention of particular matters in sub-section (1) shall not be held to prejudice or affect the general application of section 6 of the General Clauses Act, 1897 (10 of 1897), with regard to the effect of repeals.

THE SCHEDULE

(See section 2)

repeals

Year

Number

Short title

1926

3

The Government Trading Taxation Act, 1926.

1940

XV

The Excess Profits Tax Act, 1940.

1947

XXI

The Business Profits Tax Act, 1947.

1947

XXX

The Taxation on Income (Investigation Commission) Act, 1947.

1949

22

The Payment of Taxes (Transfer of Property) Act, 1949,

1949

67

The Taxation Laws (Extension to Merged States and Amendment) Act, 1949.

1953

34

The Estate Duty Act, 1953.

1954

38

The Madhya Bharat Taxes on Income (Validation) Act, 1954.

1962

9

The Estate Duty (Distribution) Act, 1962.

1965

1

The Income-tax (Amendment) Act, 1965.

1971

37

The Central Board of Direct Taxes (Validation of Proceedings) Act, 1971.

1971

62

The Companies (Surcharge on Income-tax) Act, 1971.

1976

8

The Voluntary Disclosure of Income and Wealth Act, 1976.

1981

7

The Special Bearer Bonds (Immunities and Exemptions) Act, 1981.

1991

47

The Voluntary Deposits (Immunities and Exemptions) Act, 1991.

1942

LX

The Income-tax and Excess Profits Tax (Emergency) Ordinance, 1942.

1943

IV

The Income-tax Proceedings Validity Ordinance, 1943.

1943

XVI

The Excess Profits Tax Ordinance, 1943.