SCH-02 - Second Schedule - Finance Act, 1966

THE SECOND SCHEDULE (See section 3) Rates of annuity deposits (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 Rs. 15,000 but does not exceed Rs. 20,000 5 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 71/2 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 five 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 10 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 seven and a half 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. 70,000 121/2 per cent. of the adjusted total income: Provided that the annuity deposit to be made shall in no case exceed the aggregate ox the following sums, namely:- (a) an amount calculated at ten 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 with out making any allowance under section 280O of that Act.