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TMI BlogIssue of the Finance (Second Amendment) Ordinance, 1990--Regarding increase in the levy of surcharge for companies--Circular--RegardingX X X X Extracts X X X X X X X X Extracts X X X X ..... rdinance (No.8 of 1990) on 15th October, 1990. The Ordinance is named as the Finance (Second Amendment) Ordinance, 1990. The Ordinance has come into force at once. By this Ordinance, section 2 of the Finance Act, 1990 (No.12 of 1990) and Parts II and III of the First Schedule to the said Act have been amended. 2. The Ordinance has amended sub-sections (5), (6) and (7) of section 2 of the Finance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he first proviso to sub-section (7) of section 2 of the Finance Act, 1990, shall be increased by a surcharge for the purpose of the Union calculated at the rate of 15% of such "advance tax" instead of the earlier rate of 8%. (d) The amount of income-tax to be deducted as per the provisions of Part II of the First Schedule to the Finance Act, 1990, in the case of a domestic company, shall be incre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate of 15% of such income-tax, instead of the earlier rate of 8%. In other words, the advance tax payable by domestic companies will now be increased by a surcharge at the rate of 15%. The higher rate of surcharge will also apply for calculating/charging income-tax (in the case of domestic companies) under other provisions of the Income-tax Act mentioned in Part III of the First Schedule to the F ..... X X X X Extracts X X X X X X X X Extracts X X X X
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