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TMI BlogFIRST SCHEDULEX X X X Extracts X X X X X X X X Extracts X X X X ..... , (i) in the case of every individual or Hindu undivided family or association of persons or body of individuals having a total income exceeding eight hundred and fifty 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 often 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 often per cent. of such income-tax: Provided that in case of persons mentioned in item (i) above having a total income exceeding eight hundred and fifty 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 eight hundred and fifty thousand rupees by more than the amount of income that exceeds eight hundred and fifty 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 excee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n section 111A or section 112, shall, in the case of every company, be increased by a surcharge for purposes of the Union calculated at the rate of two and one-half per cent. 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 30 per cent.; (iii) on income by way of winnings from horse races 30 per cent.; (iv) on income by way of insurance commission 10 per cent.; (v) on income by way of interest payable on- 10 per cent.; (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 Centra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n moneys borrowed or debt incurred by Government or the Indian concern in foreign currency 20 per cent.; (iv) 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 after the 31st day of March, 1976 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 subsection (1 A) 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 (1 A) 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 but before the 1st day of June, 2005 20 per cent.; (C) where the agreement is made 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 b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per cent. of such tax where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds ten lakh rupees; (ii) in the case of every firm and artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, at the rate often per cent. of such tax; (B) item 2 of this Part, shall be increased by a surcharge, for purposes of the Union, calculated, (i) in the case of every domestic company at the rate often per cent. of such income tax; (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. 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 sub-section (2) of section 174 or section 174 A 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re the total income, exceeds Rs. 2,50,000 Rs. 22,500 plus 30 per cent. of the amount by which the total income exceeds Rs. 2,50,000. (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, Rates of income-tax (1) where the total income does not exceed Rs. 1,85,000 Nil; (2) where the total income exceeds Rs. 1,85,000 but does not exceed Rs. 2,50,000 20 per cent. of the amount by which the total income exceeds Rs. 1,50,000; (3) where the total income exceeds Rs. 2,50,000 Rs. 13,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 2,50,000. 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 reduced by the amount of rebate of income-tax calculated under Chapter VIIIA, and the income-tax as so reduced, be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent. of such i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come-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 at the rate often per cent. of such income-tax; (ii) in the case of every company other than a domestic company at the rate of two and one-half per cent. 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 it were income chargeable to income-tax under that Act under the head "Income from other sources" and the provisions of sections 57 to 59 of that Act shall, so far as may be, apply accordingly: Provided that sub-section (2) of section 58 shall apply subject to the modification that the reference to section 40A therein shall be construed as not including a reference to subsections (3) and (4) of section 40 A. Rule 2:- Agricultural income of the nature referred to in sub-clause (b) or sub-clause (c) of clause (1 A) of section 2 of the Income-tax Act [oth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 loss of the assessee. Rule 6.:- Where the result of the computation for the previous year in respect of any source of agricultural income is a loss, such loss shall be set off against the income of the assessee, if any, for that previous year from any other source of agricultural income: Provided that where the assessee is a member of an association of persons or a body of individuals and the share of the assessee in the agricultural income of the association or body, as the case may be, is a loss, such loss shall not be set off against any income of the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2001 or the 1st day of April, 2002 or the 1st day of April, 2003 or the 1st day of April, 2004, (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2001, 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, 2002 or the 1st day of April, 2003 or the 1st day of April, 2004, (vi) the loss so 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, (vii) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1st day of April, 2003 or the 1st day of April, 2004 or the 1st day of April, 2005, (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2001, 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, 2002 or the 1st day of April, 2003 or the 1st day of April, 2004 or the 1st day of April, 2005, (v) the loss so 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, (vi) 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, (vii) the loss so compute ..... 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