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TMI BlogTHE FIRST SCHEDULEX X X X Extracts X X X X X X X X Extracts X X X X ..... ndia, and below the age of sixty-five years at any time during the previous year,— Rates of income-tax (1) where the total income does not exceed Rs. 1,45,000 Nil; (2) where the total income exceeds Rs. 1,45,000 but does not exceed Rs. 1,50,000 10 per cent. of the amount by which the total income exceeds Rs. 1,45,000; (3) where the total income exceeds Rs. 1,50,000 but does not exceed Rs. 2,50,000 Rs. 500 plus 20 per cent. of the amount by which the total income exceeds Rs. 1,50,000; (4) where the total income exceeds Rs. 2,50,000 Rs. 20,500 plus 30 per cent. of the amount by which the total income exceeds Rs. 2,50,000. Rates of income-tax (III) In the case of every individual, being a resident in India, who is of the age of sixty-five years or more at any time during the previous year,— (1)where the total income does not exceed Rs. 1,95,000 Nil; (2) where the total income exceeds Rs. 1,95,000 but does not exceed Rs. 2,50,000 20 per cent. of the amount by which the total income exceeds Rs. 1,95,000; (3) where the total income exceeds Rs. 2,50,000 Rs. 11,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 2,50,000. Surcharge on income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per cent. Paragraph E In the case of a company,— Rates of income-tax I. In the case of a domestic company 30 per cent. of the total income; II. In the case of a company other than a domestic company— (i) on so much of the total income as consists of,— (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government 50 per cent.; (ii) on the balance, if any, of the total income 40 per cent. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or in section 111A or section 112, shall, in the case of every company, be increased by a surcharge for purposes of the Union calculated,— (i) in the case of every domestic compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of interest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency 20 per cent.; (F) on income by way of royalty payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (1A) of section 115A of the Income-tax Act, to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section (1A) of section 115A of the Income-tax Act, to a person resident in India— (I) where the agreement is made on or after the 1st day of June, 1997 but before the 1st day of June, 2005 20 per cent.; (II) where the agreement is made on or after the 1st day of June, 2005 10 per cent.; (G) on income by way of royalty [not being royalty of the nature referred to in sub-item (b)(i)(F)] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... day of June, 2005 10 per cent.; (C) on income by way of royalty [not being royalty of the nature referred to in sub-item (b)(ii)(B)] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy— (I) where the agreement is made on or after the 1st day of June, 1997 but before the 1st day of June, 2005 20 per cent.; (II) where the agreement is made on or after the 1st day of June, 2005 10 per cent.; (D) on income by way of fees for technical services payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on or after the 1st day of June, 2005 10 per cent.; (v) on income by way of royalty [not being royalty of the nature referred to in sub-item (b)(iv)] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy— (A) where the agreement is made after the 31st day of March, 1961 but the 1st day of April, 1976 50 per cent.; (B) where the agreement is made after the 31st day of March, 1976 but before the 1st day of June, 1997 30 per cent.; (C) where the agreement is made on or after the 1st day of June, 1997 but before the 1st day of June, 2005 20 per cent.; (D) where the agreement is made on or after the 1st day of June, 2005 10 per cent.; (vi) on income by way of fees for technical services payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rupees; (ii) in the case of every company other than a domestic company at the rate of two and one-half per cent. of such income-tax where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees. PART III RATES FOR CHARGING INCOME-TAX IN CERTAIN CASES, DEDUCTING INCOME-TAX FROM INCOME CHARGEABLE UNDER THE HEAD "SALARIES" AND COMPUTING "ADVANCE TAX" In cases in which income-tax has to be charged under sub-section (4) of section 172 of the Income-tax Act or subsection (2) of section 174 or section 174A or section 175 or sub-section (2) of section 176 of the said Act or deducted from, or paid on, from income chargeable under the head "Salaries" under section 192 of the said Act or in which the "advance tax" payable under Chapter XVII-C of the said Act has to be computed at the rate or rates in force, such income-tax or, as the case may be, "advance tax" [not being "advance tax" in respect of any income chargeable to tax under Chapter XII or Chapter XII-A or fringe benefits chargeable to tax under Chapter XII-H or income chargeable to tax under section 115JB or sub-section (1A) of section 161 or section 164 or s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (2) where the total income exceeds Rs. 2,25,000 but does not exceed Rs. 3,00,000 Rs. 10 per cent. of the amount by which the total income exceeds Rs. 2,25,000; (3) where the total income exceeds Rs.3,00,000 but does not exceed Rs. 5,00,000 Rs. 7,500 plus 20 per cent. of the amount by which the total income exceeds Rs. 3,00,000; (4) where the total income exceeds Rs. 5,00,000 Rs. 47,500 plus 30 per cent. of the amount by which the total income exceeds Rs. 5,00,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or in section 111A or section 112, shall,— (i) in the case of every individual or Hindu undivided family or association of persons or body of individuals having a total income exceeding ten lakh rupees, be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent. of such income-tax; (ii) in the case of every person, other than those mentioned in item (i), be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent. of such income-tax: Provided that in case of persons mentioned in item (i) above having a total income exceedi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt. 50 per cent.; (ii) on the balance, if any, of the total income 40 per cent Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or in section 111A or section 112, shall, in the case of every company, be increased by a surcharge for purposes of the Union calculated,— (i) in the case of every domestic company having a total income exceeding one crore rupees, at the rate of ten per cent. of such income-tax; (ii) in the case of every company other than a domestic company having a total income exceeding one crore rupees at the rate of two and one-half per cent.: Provided that in the case of every company having a total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. PART IV [See section 2(12)(c)] RULES FOR COMPUTATION OF NET AGRICULTURAL INCOME Rule 1.—Agricultural income of the nature referred to in sub-clause (a) of clause (1A) of section 2 of the Income-tax Act shall be computed as if i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dance with rule 7A of the Income-tax Rules, 1962, and sixty-five per cent. of such income shall be regarded as the agricultural income of the assessee; (c) where the assessee derives income from sale of coffee grown and manufactured by him in India, such income shall be computed in accordance with rule 7B of the Income-tax Rules, 1962, and sixty per cent. or seventyfive per cent., as the case may be, of such income shall be regarded as the agricultural income of the assessee. Rule 5.—Where the assessee is a member of an association of persons or a body of individuals (other than a Hindu undivided family, a company or a firm) which in the previous year has either no income chargeable to tax under the Incometax Act or has total income not exceeding the maximum amount not chargeable to tax in the case of an association of persons or a body of individuals (other than a Hindu undivided family, a company or a firm) but has any agricultural income then, the agricultural income or loss of the association or body shall be computed in accordance with these rules and the share of the assessee in the agricultural income or loss so computed shall be regarded as the agricultural income or lo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2002, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2003 or the 1st day of April, 2004 or the 1st day of April, 2005 or the 1st day of April, 2006 or the 1st day of April, 2007, (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2003, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2004 or the 1st day of April, 2005 or the 1st day of April, 2006 or the 1st day of April, 2007, (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2004, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2005 or the 1st day of April, 2006 or the 1st day of April, 2007, (vi) the loss so computed for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome for the previous year relevant to the assessment year commencing on the 1st day of April, 2003 or the 1st day of April, 2004 or the 1st day of April, 2005 or the 1st day of April, 2006 or the 1st day of April, 2007 or the 1st day of April, 2008, (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2003, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2004 or the 1st day of April, 2005 or the 1st day of April, 2006 or the 1st day of April, 2007 or the 1st day of April, 2008, (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2004, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2005 or the 1st day of April, 2006 or the 1st day of April, 2007 or the 1st day of April, 2008, (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2005, to t ..... 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