SCH-02 - Second Schedule - Finance Act, 1968

THE SECOND SCHEDULE (See section 3) Rates of Annuity Deposit for the Assessment Year 1968-69 (i) In the case of any depositor whose total income does not exceed Rs. 15,000 Nil. (ii) In the case of any depositor whose total income exceeds 15,000 but does not exceed 6 per cent. of the adjusted total income: Provided that the annuity deposit to be made shall in no case exceed half the amount by which the total income exceeds Rs. 15,000. (iii) In the case of a depositor whose total income exceeds Rs. 20,000 but does not exceed Rs. 40,000 9 per cent. of the adjusted total income : Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely :- (a) an amount calculated at six per cent. on so much of the adjusted total income as does not exceed Rs. 20,000; (b) one-half of the amount by which the total income exceeds Rs. 20,000. (iv) In the case of a depositor whose total income exceeds Rs. 40,000 but does not exceed Rs. 70,000 12 per cent. of the adjusted total income : Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely :- (a) an amount calculated at nine per cent. on so much of the adjusted total income as does not exceed Rs. 40,000; (b) one-half of the amount by which the total income exceeds Rs. 40,000. (v) In the case of a depositor whose total income exceeds Rs. 70,000 15 per cent. of the adjusted total income : Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely :- (a) an amount calculated at twenty per cent. on so much of the adjusted total income as does not exceed Rs. 70,000; (b) one-half of the amount by which the total income exceeds Rs. 70,000. Explanation : In this Schedule, total income means total income computed in the manner laid down in the Income-tax Act without making any allowance under section 280-O of that Act.