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TMI BlogRates of Income Tax for the Assessment Year 2009-10X X X X Extracts X X X X X X X X Extracts X X X X ..... rupees", the words "one lakh fifty thousand rupees" shall be substituted; ( B ) in the first proviso,- ( I ) for the words ' "one lakh ten thousand rupees" ', the words ' "one lakh fifty thousand rupees" ' shall be substituted; ( II ) for the words ' "one lakh forty-five thousand rupees" ', the words ' "one lakh eighty thousand rupees" ' shall be substituted; ( C ) in the second proviso,- ( I ) for the words ' "one lakh ten thousand rupees" ', the words ' "one lakh fifty thousand rupees" ' shall be substituted; ( II ) for the words ' "one lakh ninety-five thousand rupees" ', the words ' "two lakh twenty five thousand rupees" ' shall be substituted; ( D ) in the third proviso, the words, figures and letter ", as reduced by the amount of rebate of income-tax calculated under Chapter VIII-A of the Income-tax Act," shall be omitted; ( iii ) in sub-section ( 3 ), in the opening portion, for the words "the Income-tax Act", the words, figures and brackets "the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act)" shall be substituted; ( iv ) in sub-section ( 13 ), in clause ( a ), for the figures "2008", the figures "2009" shall be substituted; (b) in the Fir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 exceeding ten lakh 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 ten lakh rupees by more than the amount of income that exceeds ten lakh 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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."; ( ii ) in Part IV, in Rule 8,- ( A ) for sub-rules ( 1 ) and ( 2 ), the following sub-rules shall be substituted, namely:- "( 1 ) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 2009, any agricultural income and the net result of the computation of the agricultural income of the assessee for any one or more of the previous years 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 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 Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2007 or the 1st day of April, 2008, ( vii ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2007, 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, 2008, ( viii ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2008, shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 2009. ( 2 ) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 2010, or, if by virtue of any provision of the Income-tax Act, income-tax is to be charged in respect of the income of a period other than the previous year, in such other period, any agricultural income and the net result of the computation of the agricultural income of the assessee for any one or more of the previous years re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng on the 1st day of April, 2007 or the 1st day of April, 2008 or the 1st day of April, 2009, ( vi ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2007, 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, 2008 or the 1st day of April, 2009, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2008, 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, 2009, ( viii ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2009, shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 2010."; ( B ) for sub-rule ( 4 ), the following sub-rule shall be substituted, namely:- "( 4 ) Notwithstanding anything contained in this rule, no loss which has not been determined by ..... 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