The Companies (Profits) Surtax Act, 1964

The Companies (Profits) Surtax Act, 1964 is an Indian taxation law that provides for the levy and collection of surtax on the profits of certain companies. The Act aims to tax the excess profits of companies that are earning more than a reasonable return on their investment. It applies to companies that are subject to the Indian Income Tax Act, 1961 and have a net income exceeding a certain threshold. The surtax is calculated on the basis of the net income of the company and is levied in addition to the income tax payable by the company. The Act also provides for the imposition of penalties for non-payment or underpayment of surtax.