THE COMPANIES (PROFITS) SURTAX ACT, 1964

ACT NO. 7 OF 1964 · Enacted [2nd May, 1964.] · 34 sections

Section 1.Short title and extent.

Section 2.Definitions.

Section 3.Tax authorities.

Section 4.Charge of tax.

Section 5.Return of chargeable profits.

Section 6.Assessment.

Section 7.Provisional assessment.

Section 7A.Advance payment of surtax.

Section 7B.Interest payable by Government.

Section 7C.Interest payable by assessee.

Section 7D.Interest payable by assessee in case of under estimate, etc.

Section 8.Profits escaping assessment.

Section 9.Penalties.

Section 9A.False estimate of, or failure to pay, advance surtax.

Section 10.Opportunity of being heard.

Section 11.Appeals to the Commissioner (Appeals).

Section 11A.Transfer of certain pending appeals.

Section 12.Appeals to Appellate Tribunal.

Section 13.Rectification of mistakes.

Section 14.Other amendments.

Section 15.Surtax deductible in computing distributable income under Income-tax Act.

Section 16.Revision of orders prejudicial to revenue.

Section 17.Revision of orders by Chief Commissioner or Commissioner.

Section 18.Application of provisions of Income-tax Act.

Section 19.Income-tax papers to be available for the purposes of this Act.

Section 20.Failure to deliver returns, etc.

Section 21.False statements.

Section 22.Abetment of false returns, etc.

Section 23.Institution of proceedings and composition of offences.

Section 24.Power to make exemption, etc., in relation to certain Union territories.

Section 24A.Agreement with foreign countries.

Section 24AA.Power to make exemption, etc., in relation to participation in the business of prospecting for, extraction, etc., of mineral oils.

Section 25.Power to make rules.

Section 26.Saving.