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THE EXCESS PROFITS TAX ACT, 1940

(ACT NO. XV OF 1940).
  Part No : Chapter No : Section No: [ 6th April, 1940  
  
     An Act to impose a tax on excess profits arising out of certain businesses. 1 2 3
 
    WHEREAS it is expedient to impose a tax on excess profits arising out of certain businesses in the conditions prevailing during the present hostilities;



It is hereby enacted as follows:-
 
CONTENTS
 
SECTIONS
 
1. Short title, extent and commencement
2. Definitions
3. Excess profits tax authorities
4. Charge of tax
5.Application of Act
6.Standard profits
7. Relief on occurrence of deficiency of profits
7A. Special provision for chargeable accounting period failing partly before and partly after the end of March, 1941
8. Successions and amalgamations
9. Inter connected companies
10. Artificial transactions
10A. Transactions designed to avoid or reduce liability to excess profits tax
11. Relief in respect of double excess profits taxation
11A. Agreement for avoidance of double taxation in Pakistan and India
12. Allowance of excess profits tax in computing income for income tax purposes
13. Issue of notice for assessment
14. Assessments
14A. Power to make provisional assessments
15. Profits escaping assessments
16. Penalties
17. Appeals
18. Appeal to Commissioner against Appellate Assistant Commissioner’s orders imposing penalties or enhancing assessments or penalties
19. Power of revision
20. Rectification of mistakes
21. Application of provisions of Act X1 of 1922
21A. Application of Income tax Act before 15th day of August 1947, with certain modifications
22. Income tax papers to be available for the purposes of this Act
23. Failure to deliver returns or statements
24. False statement and declaration
25. Institution of proceedings and composition of offences
26. Power of National Board of Revenue to grant relief in special cases
26A. Further powers of National Board of Revenue to grant certain relief
27. Power to make rules
SCHEDULE
 
 

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