Finance Act, 1992
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Amendment of section 48 (surcharge for late submission of returns) of Finance Act, 1986. |
245.—As respects the year 1992-93 and subsequent years of assessment, section 48 of the Finance Act, 1986 , is hereby amended by the addition of the following subsection after subsection (2)— | |
“(3) In the case of a person— | ||
(a) who is a director within the meaning of section 119 of the Income Tax Act, 1967 , or | ||
(b) to whom the provisions of section 194 of the Income Tax Act, 1967 , apply, and whose spouse is a director within the meaning of the said section 119, | ||
paragraph (a) of the proviso to subsection (2) shall not apply, inrespect of any tax deducted under Chapter IV of Part V of the Income Tax Act, 1967 , in determining the amount of a surcharge under this section.”. |