The Companies (Profits) Surtax Act, 1964

(1) This Act may be called the Companies (Profits) Surtax Act, 1964. (2) It extends to the whole of India.

In this Act, unless the context otherwise requires,-- 1[(1) "advance surtax" means the Surtax payable under section 7A;] 2[(1A)] "assessee" means a person by whom surtax or any other sum of money is payable underthis Act and includes every person in respect of whom any proceeding under this Act has been takenfor the assessment of his chargeable profits or of the amount of refund due to him or of the chargeableprofits of any other person in respect of which he is assessable or of the amount of refund due to suchother person; (2) "assessment" includes re-assessment; (3) "assessment year" means the period of twelve months commencing on the 1st day of April,every year; (4) "Board" means the Central Board of Direct Taxes constituted under the Central Boards ofRevenue Act, 1963 (54 of 1963); (5) "chargeable profits" means the total income of an assessee computed under theIncome-tax Act, 1961 (43 of 1961) for any previous year or years, as the case may be, and adjusted inaccordance with the provisions of the First Schedule; (6) "Income-tax Act" means the Income-tax Act, 1961 (43 of 1961); (7) "prescribed" means prescribed by rules made under this Act; 1[(7A) "regular assessment" means as assessment made under section 6;] (8) "statutory deduction" means an amount equal to 3[fifteen per cent.] of the capital of thecompany as computed in accordance with the provisions of the Second Schedule, or an amount of twohundred thousand rupees, whichever is greater: Provided that where the previous year is longer or shorter than a period of twelve months, theaforesaid amount of 3[fifteen per cent.] or, as the case may be, of two hundred thousand rupees shallbe increased or decreased proportionately: Provided further that where a company has different previous years in respect of its income,profits and gains, the aforesaid increase or decrease, as the case may be, shall be calculated withreference to the length of the previous year of the longest duration; and (9) all other words and expressions used herein but not defined and defined in the Income-tax Actshall have the meanings respectively assigned to them in that Act.

1[3. Tax authorities.--(1) The income-tax authorities specified in section 116 of the Income-tax Actshall be the authorities for the purposes of this Act and every such authority shall exercise the powers andperform the functions of a tax authority under this Act in respect of any company, and for this purpose hisjurisdiction under this Act shall be the same as he has under the Income-tax Act by virtue of orders ordirections issued under section 120 of that Act (including orders or directions assigning concurrentjurisdiction) or under any other provision of that Act. (2) The Board may, from time to time, issue such orders, instructions and directions to other taxauthorities as it may deem fit for the proper administration of this Act, and such authorities and all otherpersons employed in the execution of this Act shall observe and follow such orders, instructions anddirections of the Board: Provided that no such orders, instructions or directions shall be issued-- (a) so as to require any tax authority to make a particular assessment or to dispose of a particularcase in a particular manner; or (b) so as to interfere with the discretion of the Commissioner (Appeals) in the exercise of hisappellate functions.]

Subject to the provisions contained in this Act, there shall be charged on everycompany for every assessment year commencing on and from the first day of April, 1964, 1[but before thefirst day of April, 1988] a tax (in this Act referred to as the surtax) in respect of so much of its chargeableprofits of the previous year or previous years, as the case may be, as exceed the statutory deduction, at therate or rates specified in the Third Schedule.

(1) In the case of every company whose chargeable profitsassessable under this Act exceeded during the previous year the amount of statutory deduction, itsprincipal officer, or where in the case of a non-resident company any person has been treated as its agentunder section 163 of the Income-tax Act, such person, shall furnish a return of the chargeable profits ofthe company during the previous year in the prescribed form and verified in the prescribed manner andsetting forth such other particulars as may be prescribed, before the 30th day of September of theassessment year: Provided that on an application made in this behalf, the 1[Assessing Officer] may, in his discretion,extend the date for the furnishing of the return. (2) In the case of any company which in the 1[Assessing Officer] opinion is assessable under thisAct, the 1[Assessing Officer] may, before the end of the relevant assessment year, serve a notice upon itsprincipal officer, or where in the case of a non-resident company any person has been treated as its agentunder section 163 of the Income-tax Act, upon such person, requiring him to furnish within thirty daysfrom the date of service of the notice a return of the chargeable profits of the company during theprevious year in the prescribed form and verified in the prescribed manner and setting forth such otherparticulars as may be prescribed: Provided that on an application made in this behalf, the 1[Assessing Officer] may, in his discretion,extend the date for the furnishing of the return. (3) Any assessee who has not furnished a return during the time allowed under sub-section (1) orsub-section (2), or having furnished a return) under sub-section (1) or sub-section (2) discovers anyomission or wrong statement therein, may furnish a return or a revised return, as the case may be, at anytime before the assessment is made.