Section 0

(5): Preamble Super .'Profit& T a x ....................... .. .- .. / ....... --- ..... . ^ __.... -*17. ...L.~..-.*r_.*.~.I. `*..I*-.` . ..ii/* .*-. -" .. .* .. . . .... . . . . . . . . . . . . :giyen. so as to. interfexe ..with t.he .discretion.~of `he..` A~peJI~te.~sslstar,t ,..,..,.,. :.-. ...... `I` C~rhm.issioner in the exercise of a.ppalla.te~Functions. (3) Every Income-tax Officer, employed in the exeaution of this Act, shall observe and follow the orders, instructions and directions issued for his guidance by the Director of Inspection or by the Commissioner or by the Inspecting Assistant Commissioner under whose jurisdiction he performs his functions. Chargeof 4. Subject to the provisions contained in this Act, there shall tax. be charged on every company for every assessment pear commencing on and from the 1st day of April, 1963, a tax (ln this Act referred to, as the super profits tax) iln respect of so much of its chargeable profits of the previous year or previous years, as the case may be, as exceed the standard deduction, at the rate or rates specified in the Third Schedule. (4): Preamble (4) "Board" means thkEentra1 Board of Revenae consti- tuted under the Central Boardrof Revenue Act, HD4; I?@"~~ s ~ `oi`_ (2): Preamble (2) "assessment" includes re-assessment; (3) "assessment year" means the period of twelve months commencing on the 1st day of April, every year; viwck XaaS An Act to impose a special tax on certain companies. BE it enacted by Parliament in the Fourteenth Year of the Republic of India as ftollows: - short title 1. (1) This Act may be called the Super Profits Tax Act, 1963. `and` extent. (2) It extends to the whole of India. Definitions. 2. `h` this Act, unless the context otherwise requires,- (I) "assessee" means a person by who'm super profits tax or any other sum of money is payable under this Act and includes every person in respect of whom any proceeding under this Act has been taken for the assessment of his chargeable profits or of the amount of refund due to him or of the chargeable profits of any other person in respeot of which he is assess- able or of the amount of refund due to such other person; (5): Preamble ||||||SuperProfitsTax|| |---|---|---|---|---|---|---| ||-<br>--|--<br>--- -|-e-<br>- -A|-|(6)''deficiency" in relation to an assessment year means-;<br>-----<br>---.----- - ----<br>-"- - *<br>-------<br>-<br>(i) where there are chargeable profits in respect ofthe<br>previous year relevant to that assessment year, the amount<br>by which such profits as increased by the sum excluded<br>under clause (xi) or clause (xii), as the case may be, of<br>rule1of the First Schedule fall short of the standard de-<br>duction;<br>(ii) where there are no chargeable profits in respect of<br>the previous year relevant to that assessment<br>year, the<br>amount of the standard deduction;<br>(7)"Income-tax Act" means the Income-tax Act,1961;<br>(8)"prescribed" means prescribed by rules made under<br>this Act;<br>(9)"standard deduction" means an amount equal to six per<br>cent.ofthe capital of the company as computed in accordance<br>with the provisions of the Second Schedule, or an amount of<br>fifty thousand rupees, whichever is greater:<br>Provided that where the previous year is longer or shorter|| ||||||thanaperiod of twelve months, the aforesaid amount of six|period of twelve months, the aforesaid amount of six| ||||||per cent. or, as the case may be, of fifty thousand xupees shall|per cent. or, as the case may be, of fifty thousand xupees shall| ||||||be increased or decreased proportionately:|| ||||||Provided further that where a company<br>has<br>different|different| ||||||previous yearsinrespect of its income, profits and gains, the|respect of its income, profits and gains, the| ||||||aforesaid increase or decrease, as the case may be, shall be|aforesaid increase or decrease, as the case may be, shall be| ||||||calculated with reference to the length of the previous year of|| ||||||the longest duration; and|| ||||||(10) all other words and expressions used herein but not|| ||||||defined and defmed in the Incolme-tax Act shall have the mean-|defined and defmed in the Incolme-tax Act shall have the mean-| ||||||ings respectively assigned to them in that Act.|| ||||3.(1) Every Director of<br>Inspection, Commissioner of Income-<br>tax, Appellate Assistant Commissioner of<br>Income-tax, Inspecting|||Inspection, Commissioner of Income-Taxautho-<br>rities.<br>Income-tax, Inspecting| ||||Assistant Commissioner of Income-tax and Income-tax Officer shall|||Assistant Commissioner of Income-tax and Income-tax Officer shall| ||||have the like powers and perform the like functions, under this Act|||have the like powers and perform the like functions, under this Act| ||||as he has and performs, under the Income-tax Act, and for the exer-|as he has and performs, under the Income-tax Act, and for the exer-|as he has and performs, under the Income-tax Act, and for the exer-|as he has and performs, under the Income-tax Act, and for the exer-| ||||cise of his powers and the performance of his functions, his|||cise of his powers and the performance of his functions, his| |I|||jurisdiction under this Act will be the same as that he has under the|||jurisdiction under this Act will be the same as that he has under the| ||||Income-tax Act.|||| ||||||(2)All officers and persons employed in the execution of this Act|All officers and persons employed in the execution of this Act| ||||shall observe and follow the orders, instructions and directions of the|||shall observe and follow the orders, instructions and directions of the| ||||Boa~d:|||| ||||||Provided that no such orders, instructions or directions shallbe|be|