Provided that (i) a rebate at the rate of five annas per rupee of the total income shall be allowed in the case of any company which (a) in respect of its profits liable to tax under the Income tax Act for the year ending on the 31st day of March, 1957, has made the prescribed arrangements for the declaration and payment within the territory of India of the dividends payable out of such profits and for the deduction of supertax from dividends in accordance with the provisions of subsection (3D) of section 18 of that Act, and (b) (ii) a rebate at the rate of four annas per rupee of the total income shall be allowed in the case of any Company which satisfied condition (a.) but not condition (b) of the preceding clause; Provided further that (i) the amount of the rebate under clause (i) or the preceding proviso shall be reduced by the sum, if any, equal to the amount or the aggregate of the amounts as the case may be, computed as hereunder (a) (b) in addition, in the case of a company referred to in clause (ii) of the preceding proviso which has distributed to its share holders during the previous year "dividends in excess of six per cent of its paid up 725 capital, not being dividends payable at a fixed rate on that part of the said dividends which exceeds 6 per cent but does not exceed 10 per cent of the paid up capital; at the rate of two annas per rupee on that part of the said dividends which exceeds 10 per cent of the paid up capital; at the rate of three annas per rupee; (ii) Provided further that Explanation : For the Purposes of Paragraph D of this Part (i) the expression "paid up capital" means the paid up capital (other than capital entitled to a dividend at a fixed rate) of the Company as on first day of the previous year relevant to the assessment for the year ending on 31st day of March, 1957, increased by any premiums received in cash by the company on the issue of its shares, standing to the credit of the share premium account as on the first day of the previous year. . " In the Finance Act of 1957 also a similar scheme of granting rebate of super tax and reduction therein in the conditions set out in the Act, was adopted.