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Companies (Profits) Surtax Act, 1964 Complete Act

State: Central

Year: 1964

.....of India, 29-2-1964, Pt. II, S. 2, Ext., p. 178. Act 41 of 1975.- The object of this Bill is to amend the income-tax Act, 1961, the Wealth Tax Act. 1957, the Gift Tax Act, 1958 and the Companies (Profits) Surtax Act, 1964. The proposals relating to the amendments to these enactments have been formulated after a detailed examination of the recommendations of the Direct Taxes Enquiry Committee (Wanchoo Committee) and the Forty-seventh Report of the Law Commission on the Trial and Punishment of Social and Economic Offences, the latter in so far as they relate to direct taxes. Opportunity has been taken to sponsor some amendments on the basis of suggestions received from various other quarters as well. Technical difficulties arising in the operation of some of the provisions of these enactments have also been taken into account in formulating these proposals. 2. The main objective of the amendments proposed to be made are to unearth black-money and prevent its proliferation; to fight and curb tax evasion; to check avoidance of tax 'through various legal devices, including the formation of trusts and diversion of income or wealth to members of family; to reduce tax arrears and.....

Companies Profits Surtax Act 1964 Section 24A

Title: Agreement with Foreign Countries

State: Central

Year: 1964

1[24A. Agreement with foreign countries.-- The Central Government may enter into an agreement with the Government of any country outside India1-- (a) for the granting of relief in respect of chargeable profits on which have been paid both surtax under this Act and tax of a similar character or income-tax on such profits in that country, or (b) for the avoidance of double taxation of chargeable profits under this Act and under any law relating to the taxation of income or profits in force in that country, or (c) for exchange of information for the prevention of evasion or avoidance of surtax chargeable under this Act or the tax chargeable under the corresponding law in force in that country or investigation of cases of such evasion or avoidance, or (d) for recovery of tax under this Act and under any law relating to the taxation of income or profits in force in that country, and may, by notification in the Official Gaazette, make such provision as may be necessary for implementing the agreement.] ________________________ 1. Substituted by the Finance Act, 1972 (16 of 1972), S. 57 (1-4-1972).