Government of India Ministry of Finance Budget of the Governor-General(As laid before the Indian Legislature) for 1949-50

Government of Indio CONTENTS PAGES I.—GENERAL STATEMENT of the REVENUE and EXPENDITURE met from REVENUE of the CENTRAL GOVERNMENT. 21-22 II—GENERAL STATEMENT of the CAPITAL RECEIPTS arid DISBURSEMENTS of the CENTRAL GOVERNMENT 23-24 III.—GENERAL STATEMENT of the RECEIPTS and DIS URSEMENTS of the CENTRAL GOVERNMENT. 25-2E A.—STATEMENT of the REVENUE of the CENTRAL 0 OVERNMFINT B.—STATEMENT of the [...] B. In the case of every company— Rate On the whole of total income Five armee in the rupee : Provided that in the case of an Indian compan(i) where the total income as reduced by seven annas in the rupee and by the amount if any exempt from income-tax exceeds the amount of any dividends (including dividends payable at a fixed rate) declared in respect of the whole or part of the previous ye [...] For the purposes of the above proviso the expression "dividend" shall have the meaning assigned to it in clause (6A) of section 2 of the Income-tax Act but any distribution included in that expression made during the year ending on the 31st day of March 1950 shall be deemed to be a dividend declared in respeo' of the whlole or part of the previous year. [...] (8) For the purposes of this section and of the rates of tax imposed therdby the expression "total income" means total income as determined for the purposes of icome-tax or super-tax as the case may be in accordance with the provisions of the Income-tax Act and the epression "earned income" has the meaning assigned to it in clause (6AA) of section 2 of that Act. [...] In 11 °° of super-tax for the purposes of section 55 of the Incomtax Act and for the year beginning on the 1st day of April ' 1948 shall be four annas per rupee of the total income in the case of any company not entitled to the rebate allowed by the proviso to paragraph D of Part II of the Second Schedule to the Indian Finance Act 1948 unless t was— (a) a public company whose shares were off