Tax levy comes into effect

By Our Special Correspondent

NEW DELHI, FEB. 5. The President, Mr.K. R. Narayanan, has promulgated an ordinance to give effect to the Government decision to levy an additional income and corporate tax surcharge of two per cent to cover the expenditure for Gujarat rehabilitation. The ordinance comes into effect immediately.

Technically, the ordinance amends the Finance Act, 2000 and the Income-Tax Act, 1961. The amendment of Section 2 of the Finance Act, 2000, increases the surcharge on income-tax and corporate- tax from 10 per cent to 12 per cent and 11 per cent to 13 per cent, respectively.

The ordinance amends Part III of the first schedule to the Principal Act of the Income-Tax Act, 1961, increasing the surcharge on income-tax and corporate-tax from 10 per cent to 12 per cent and 15 per cent to 17 per cent wherever applicable.

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