Amendment status not verified — confirm the current text below against the official source.
Subject to the provisions of this Act, there shall, in respect of any business to which this Act applies, be charged, levied and paid on the amount by which the profits during any chargeable accounting period exceed the standard profits a tax (in this Act referred to as "excess profits tax") which shall, in respect of any chargeable accounting period ending on or before the 31st day of March, 1941, be equal to fifty per cent, of that excess and shall, in respect of any chargeable accounting period beginning after that date, be equal to such percentage of that excess as may be fixed by the annual Finance Act: Provided that any profits which are, under the provisions of sub-section (3) of section 4 of the Indian Income-tax Act, 1922 (XI of 1922), exempt from income-tax, and all profits from any business of life insurance shall be totally exempt from excess profits tax under this Act.