Section 8 - Amendment of Act No. 23 of 2019 - Taxation Laws (Amendment) Act, 2019

CHAPTER III AMENDMENTS IN THE FINANCE (No.2) Act, 2019 Amendment of Act No. 23 of 2019. 8. In section 2 of the Finance (No.2) Act, 2019 [hereafter in this Chapter referred to as the Finance (No.2) Act], in sub-section (9), with effect from the 1st day of April, 2019,- (a) in the second proviso, for the words First Schedule , the words, figures and letters First Schedule, except in case of a domestic company whose income is chargeable to tax under section 115BAA or section 115BAB of the Income-tax Act shall be inserted and shall be deemed to have been inserted; (b) in the third proviso,- (i) in clause (a) for the words the Income-tax Act the words, figures and letters the Income-tax Act, not having any income under section 115AD of the Income-tax Act shall be inserted and shall be deemed to have been inserted; (ii) after clause (a), the following clause shall be inserted and shall be deemed to have been inserted, namely:- '(aa) in the case of individual or every association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act having income under section 115AD of the Income-tax Act,- (i) at the rate of ten per cent. of such advance tax , where the total income exceeds fifty lakh rupees, but does not exceed one crore rupees; (ii) at the rate of fifteen per cent. of such advance tax , where the total income exceeds one crore rupees but does not exceed two crore rupees; (iii) at the rate of twenty-five per cent. of such advance tax , where the total income [excluding the income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Income-tax Act] exceeds two crore rupees but does not exceed five crore rupees; (iv) at the rate of thirty-seven per cent. of such advance tax , where the total income [excluding the income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Income-tax Act] exceeds five crore rupees; (v) at the rate of fifteen per cent. of such advance tax , where the total income [including the income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Income-tax Act] exceeds two crore rupees but is not covered in sub-clauses (iii) and (iv): Provided that in case where the total income includes any income chargeable under clause (b) of sub-section (1) of section 115AD of the Income-tax Act, the rate of surcharge on the advance tax calculated on that part of income shall not exceed fifteen per cent.;'; (iii) in clause (c), in the opening portion, for the words domestic company , the words, figures and letters domestic company except such domestic company whose income is chargeable to tax under section 115BAA or section 115BAB of the Income-tax Act, shall be inserted and shall be deemed to have been inserted; (c) in the fourth proviso, for the words, brackets and letter in (a) above , the words, brackets and letters in (a) and (aa) above shall be substituted; (d) after the eighth proviso, the following proviso shall be inserted, namely:- Provided also that in case of every domestic company whose income is chargeable to tax under section 115BAA or section 115BAB of the Income-tax Act, the advance tax computed under the first proviso shall be increased by a surcharge, for the purposes of the Union, calculated at the rate of ten per cent. of such advance tax . .