Sch - 02 - THE SECOND SCHEDULE - RATES OF OTHER TAXES - Direct Taxes Code Bill, 2009

THE SECOND SCHEDULE RATES OF OTHER TAXES A. Tax on gross assets 1. The amount referred to in clause (b) of sub-section (3) of section 3 shall be calculated at the rate specified, and in the manner provided, here under. Rate of tax (a) On the value of the gross assets, as on the close of the financial year, of a banking company. 0.25 per cent. (b) On the value of the gross assets, as on the close of the financial year, of any other company. 2 per cent. B. Tax on dividends distributed 2. The amount referred to in sub-section (1) of section 99 shall be calculated at the rate specified, and in the manner provided, here under. Rate of tax On the amount of dividends, whether interim or otherwise, declared by a domestic company 15 per cent. C. Tax on branch profits 3. The amount referred to in sub-section (1) of section 100 shall be calculated at the rate specified, and in the manner provided, here under. Rate of tax On the branch profits 15 per cent. D. Tax on net wealth 4. The amount referred to in sub-section (1) of section 101 shall be calculated at the rate specified, and in the manner provided, here under. Rate of tax (1) where the net wealth, as on the valuation date, does not exceed rupees fifty crores Nil (2) where the net wealth, as on the valuation date, exceeds rupees fifty crores 0.25 per cent of the amount by which the net wealth exceeds rupees fifty crores