TMI BlogFIRST SCHEDULEX X X X Extracts X X X X X X X X Extracts X X X X ..... ll,- (i) in the case of every individual or Hindu undivided family or association of persons or body of individuals having a total income exceeding sixty thousand rupees, be reduced by the amount of rebate of income-tax calculated under Chapter VIII-A, and the income-tax as so reduced, be increased by a surcharge for purposes of the Union calculated at the rate of two percent, 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 two per cent, of such income-tax: Provided that in case of persons mentioned in item (i) above having a total income exceeding sixty thousand 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 sixty thousand rupees by more than the amount of income that exceeds sixty thousand rupees. Paragraph B In the case of every co-operative society,- Rates of income-tax (1) where the total income does not exceed Rs. 10,000 10 per cent. of the total income (2) where the total income exceeds Rs.10,000 but does not exceed Rs. 20,000 Rs. 1,000 plus 20 pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for purposes of the Union calculated at the rate of two percent, of such income-tax. PART II RATES FOR DEDUCTION OF TAX AT SOURCE IN CERTAIN CASES In every case in which under the provisions of sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income-tax Act, tax is to be deducted at the rates in force, deduction shall be made from the income subject to the deduction at the following rates:- Rate of income-tax 1.In the case of a person other than a company- (a) where the person is resident in India- (i) on income by way of interest other than "Interest on securities" 10 per cent (ii) on income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort 10 per cent (iii) on income by way of winnings from horse races 30 per cent (iv) on income by way of insurance commission 30 per cent (v) on income by way of interest payable on- (A) any debentures or securities other than a security of the Central or State Government for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act; 10 per cent (B) any debentures issued by a company where such debentures are listed on a recognised stock ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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- (A) where the agreement is made before the 1st day of June, 1997 30 per cent (B) where the agreement is made on or after the 1st day of June, 1997 20 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 before the 1st day of April, 1976 50 per cent (B) where the agree ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r surcharge on such "advance tax" in respect of any income chargeable to tax under section 115A or section 115AB or section 115AC or section 115ACA or section 115AD or section 115B or section 115BB or section 115BBA or section 115BBB or section 115E or section 115JB shall be charged, deducted or computed at the following rate or rates:- Paragraph A In the case of every individual or Hindu undivided family or 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, not being a case to which any other Paragraph of this Part applies,- Rates of income-tax (1) where the total income does not exceed Rs. 50,000 Nil (2) where the total income exceeds Rs. 50,000 but does not exceed Rs. 60,000 10 per cent of the amount by which the total income exceeds Rs. 50,000 (3) where the total income exceeds Rs. 60,000 but does not exceed Rs. 1,50,000 Rs. 1,000 plus 20 per cent of the amount by which the total income exceeds Rs. 60,000 (4) where the total income exceeds Rs. 1,50,000 Rs. 19,000 plus 30 per cent of the amount by which the total income exceeds Rs. 1,50 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the rate hereinbefore specified, or in section 112, shall, in the case of every local authority, be increased by a surcharge for purposes of the Union calculated at the rate of five per cent, of such income-tax. Paragraph E In the case of a company,- Rates of income-tax I. In the case of a domestic company 35 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re the assessee derives income from sale of centrifuged latex or cenex or latex based crepes (such as pale latex crepe) or brown crepes (such as estate brown crepe, re-milled crepe, smoked blanket crepe or flat bark crepe) of technically specified block rubbers manufactured or processed by him from rubber plants grown by him in India, such income shall be computed in accordance 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, 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 Income-tax 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1996 or the 1st day of April, 1997 or the 1st day of April, 1998 or the 1st day of April, 1999 or the 1st day of April, 2000 or the 1st day of April, 2001, (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1996, 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, 1997 or the 1st day of April, 1998 or the 1st day of April, 1999 or the 1st day of April, 2000 or the 1st day of April, 2001, (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1997, 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, 1998 or the 1st day of April, 1999 or the 1st day of April, 2000 or the 1st day of April, 2001, (v) the loss so computed for the previous year relevant to the assessment year comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1999 or the 1st day of April, 2000 or the 1st day of April, 2001 or the 1st day of April, 2002, (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1996, 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, 1997 or the 1st day of April, 1993 or the 1st day of April, 1999 or the 1st day of April, 2000 or the 1st day of April, 2001 or the 1st day of April, 2002, (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1997, 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, 1998 or the 1st day of April, 1999 or the I st day of April, 2000 or the 1st day of April, 2001 or the 1 st day of April, 2002, (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1998, to the extent, if any, such loss has not been set off against the agricultural income for the previou ..... 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