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TMI BlogTHE FIRST SCHEDULE-(See section 2) - RATES OF INCOME-TAXX X X X Extracts X X X X X X X X Extracts X X X X ..... l, 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. 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 exc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -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 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 for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act; (B) any debentures issued by a comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1997 but before the 1st day of June, 2005 10 per cent.; (II) where the agreement is made on or after the 1st day of June, 2005 20 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 10 per cent.; (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.; (iii) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es of any sort 30 per cent.; (F) on income by way of winnings from horse races 30 per cent.; (G) on income by way of short-term capital gains referred to 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 (not being income by way of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a, the agreement is in accordance with that policy (A) where the agreement is made after the 29th day of February, 1964 but before 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.; (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 respectively 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eeds Rs. 5,00,000; (4) where the total income exceeds Rs. 8,00,000 Rs. 92,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 8,00,000. (ii) the case of every individual, being a woman resident in India, and below the age of sixty 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. 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 years or more but less than eighty years at any time during the previous year, Rates of income-tax (1) where the total income does not exceed Rs. 2,50,000 Nil; (2) where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 10 per cent. of the am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 five 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 per cent. of such income-tax: 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(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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 seventy-five 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... April, 2005, to 20 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, 2006 or 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, (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2006, 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 25 commencing 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2006 or 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 or the 1st day of April, 2011, (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2006, 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, 2007 or the 1st day of April, 2008 or the 1st day of April, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011, (iv) 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 or the 1st day of April, 2011, (v) 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 y ..... 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