Section 2(8) in The Companies (Profits) Surtax Act, 1964
(8)"statutory deduction" means an amount equal to [fifteen per cent] [Substituted for the word "ten per cent" by Act 66 of 1976, section 29] of the capital of the company as computed in accordance with the provisions of the Second Schedule, or an amount of two hundred thousand rupees, whichever is greater:Provided that where the previous year is longer or shorter than a period of twelve months, the aforesaid amount of [fifteen per cent] [Substituted for the word "ten per cent" by Act 66 of 1976, section 29] or, as the case may be, of two hundred thousand rupees shall be increased or decreased proportionately:Provided further that where a company has different previous years in respect of its income, profits and gains, the aforesaid increase or decrease, as the case may be, shall be calculated with reference to the length of the previous years of the longest duration; and
