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TMI BlogTHE FIRST SCHEDULE - (See section 2)X X X X Extracts X X X X X X X X Extracts X X X X ..... of every individual, being a woman resident in India, 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. 1,90,000 Nil; (2) where the total income exceeds Rs. 1,90,000 but does not exceed Rs. 3,00,000 10 per cent. of the amount by which the total income exceeds Rs. 1,90,000; (3) where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 Rs. 11,000 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. 51,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 5,00,000. (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 theprevious year,— Rates of income-tax (1) where the total income does not exceed Rs. 2,40,000 Nil; (2) where the total income exceeds Rs. 2,40,000 but does not exceed Rs. 3,00,000 10 per cent. of the amount by which the total income exceeds Rs. 2,40,000; (3) where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 Rs. 6,000 plus 20 per cent. of the amount by which th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le 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 II RATES FOR D EDUC TION 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 for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act; (B) any debenture ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ement is made on or after the 1st day of June, 2005 10 per cent.; (H) 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— (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.; (I) on income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort 30 per cent.; (J) on income by way of winnings from horse races 30 per cent.; (K) on the whole of the other income 30 per cent.; (ii) in the case of any other person— (A) on income by way 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.; (B) on income by w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in section 111A 15 per cent.; (H) on income by way of long-term capital gains [not being long-term capital gains referred to in clauses (33), (36) and (38) of section 10] 20 per cent.; (I) on the whole of the other income 30 per cent.; 2. In the case of a company— (a) where the company is a domestic company— (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 any other income 10 per cent.; (b) where the company is not a domestic company— (i) on income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort 30 per cent.; (ii) on income by way of winnings from horse races 30 per cent.; (iii) on income by way 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.; (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 af ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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.; (vii) on income by way of short-term capital gains referred to in section 111A 15 per cent.; (viii) on income by way of long-term capital gains [not being long-term capital gains referred to in clauses (33), (36) and (38) of section 10] 20 per cent.; (ix) on any other income 40 per cent. Explanation.—For the purpose of item 1(b)(i) of this Part, "investment income" and "non-resident Indian" shall have the meanings assigned to them in Chapter XII- A of the Income-tax Act. Surcharge on income-tax The amount of income-tax deducted in accordance with the provisions of item 2(b) of this Part, shall be increased by a surcharge, for purposes of the Union, in the case of every company other than a domestic company, calculated 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 IN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the total income does not exceed Rs. 1,90,000 Nil; (2) where the total income exceeds Rs. 1,90,000 but does not exceed Rs. 5,00,000 10 per cent. of the amount by which the total income exceeds Rs. 1,90,000; (3) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 8,00,000 Rs. 31,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; (4) where the total income exceeds Rs. 8,00,000 Rs. 91,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 8,00,000. (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. 2,40,000 Nil; (2) where the total income exceeds Rs. 2,40,000 but does not exceed Rs. 5,00,000 10 per cent. of the amount by which the total income exceeds Rs. 2,40,000; (3) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 8,00,000 Rs. 26,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; (4) where the total income exceeds Rs. 8,00,000 Rs. 86,000 plus 30 per cent. of the amount by which the total income exc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... more than the amount of income that exceeds one crore rupees. PART IV [See section 2(13)(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 sub-sections (3) and (4) of section 40A. Rule 2. —Agricultural income of the nature referred to in sub-clause (b) or sub-clause (c) of clause (1A) of section 2 of the Income-tax Act [other than income derived from any building required as a dwelling-house by the receiver of the rent or revenue of the cultivator or the receiver of rent-in-kind referred to in the said sub-clause (c)] shall be computed as if it were income chargeable to income-tax under that Act under the head "Profits and gains of business or profession" and the provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 assessee from any other source of agricultural income. Rule 7 .—Any sum payable by the assessee on account of any tax levied by the State Government on the agricultural income shall be deducted in computing the agricultural income. Rule 8 .—(1) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xtent, 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, 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. (2) Where the assessee has, in the previou ..... 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 or the 1st day of April, 2010, (v) 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 or the 1st day of April, 2010, (vi) 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 or the 1st day of April, 2010, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2009, 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, 2010, (viii) the loss so computed for the previous year relevant to the assessme ..... 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