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TMI BlogRATES OF INCOME-TAXX X X X Extracts X X X X X X X X Extracts X X X X ..... e and the net agricultural income shall be aggregated and the amount of income-tax shall be determined in respect of the aggregate income at the rates specified in the said Paragraph A, as if such aggregate income were the total income; (ii) the net agricultural income shall be increased by a sum of one lakh eighty thousand rupees, and the amount of income-tax shall be determined in respect of the net agricultural income as so increased at the rates specified in the said Paragraph A, as if the net agricultural income as so increased were the total income; (iii) the amount of income-tax determined in accordance with sub-clause (i) shall be reduced by the amount of income-tax determined in accordance with sub-clause (ii) and the sum so arrived at shall be the income-tax in respect of the total income: Provided that in the case of every woman, resident in India and below the age of sixty years at any time during the previous year, referred to in item (II) of Paragraph A of Part I of the First Schedule, the provisions of this sub-section shall have effect as if for the words one lakh eighty thousand rupees , the words one lakh ninety thousand rupees had been substituted: Provided furth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e as income-tax and surcharge on such income-tax 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. (4) In cases in which tax has to be charged and paid under section 115-O or sub-section (2) of section 115R of the Income-tax Act, the tax shall be charged and paid at the rates as specified in those sections and shall be increased by a surcharge, for purposes of the Union, calculated at the rate of five per cent. of such tax. (5) In cases in which tax has to be deducted under sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income-tax Act, at the rates in force, the deductions shall be made at the rates specified in Part II of the First Schedule and shall be increased by a surcharge, for purposes of the Union, calculated in cases wherever prescribed, in the manner provided therein. (6) In cases in which tax has to be deducted under sections 194C, 194E, 194EE, 194F, 194G, 194H, 194-I, 194J, 194LA, 194LB, 194LC, 196B, 196C and 196D of the Income-tax Act, the deductions shall be made at the rates specified in those sections and shall be increased by a surcharge, for purp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oses of the Union, as provided in Paragraph E of Part III of the First Schedule pertaining to the case of a company: Provided also that in respect of any income chargeable to tax under sections 115A, 115AB, 115AC, 115ACA, 115AD, 115B, 115BB, 115BBA, 115BBC, 115BBD, 115BBE, 115E and 115JB of the Income-tax Act, advance tax computed under the first proviso shall be increased by a surcharge, for purposes of the Union, calculated, (a) in the case of every domestic company, at the rate of five per cent. of such advance tax where the total income exceeds one crore rupees; (b) in the case of every company, other than a domestic company, at the rate of two per cent. Of such advance tax where the total income exceeds one crore rupees: Provided also that in the case of every company having total income chargeable to tax under section 115JB of the Income-tax Act, and such income exceeds one crore rupees, the total amount payable as advance tax on such income and surcharge thereon, shall not exceed the total amount payable as advance tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. (10) In cases to which Paragraph A of Part III of the F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... words two lakh fifty thousand rupees had been substituted: Provided further that in the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year, referred to in item (III) of Paragraph A of Part III of the First Schedule, the provisions of this sub-section shall have effect as if for the words two lakh rupees , the words five lakh rupees had been substituted. (11) The amount of income-tax as specified in sub-sections (1) to (10) and as increased by the applicable surcharge, for purposes of the Union, calculated in the manner provided therein, shall be further increased by an additional surcharge, for purposes of the Union, to be called the Education Cess on income-tax , calculated at the rate of two per cent. of such income-tax and surcharge so as to fulfil the commitment of the Government to provide and finance universalized quality basic education: Provided that nothing contained in this sub-section shall apply to cases in which tax is to be deducted or collected under the sections of the Income-tax Act mentioned in sub-sections (5), (6), (7) and (8), if the income subjected to deduction of tax at source ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... laries subject to such deductions under the Income-tax Act; and the rates at which advance tax is to be paid, tax is to be deducted at source from, or paid on, income chargeable under the head Salaries and tax is to be calculated and charged in special cases for the financial year 2012-2013. Rates of income-tax for the assessment year 2012-2013 Part I of the First Schedule to the Bill specifies the rates at which income is liable to tax for the assessment year 2012-2013. These rates are the same as those specified in Part III of the First Schedule to the Finance Act, 2011, for the purposes of deduction of tax at source from Salaries , computation of advance tax and charging of income-tax in special cases during the financial year 2011-2012. Rates for deduction of tax at source during the financial year 2012-2013 from income other than Salaries Part II of the First Schedule to the Bill specifies the rates at which income-tax is to be deducted at source during the financial year 2012-2013 from income other than Salaries . The rates are the same, as those specified in Part II of the First Schedule to the Finance Act, 2011 for the purposes of deduction of income-tax at source during th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 5,00,001 to ₹ 10,00,000 20 per cent. Above ₹ 10,00,000 30 per cent. Paragraph B of this Part specifies the rates of income-tax in the case of every co-operative society. In such cases, the rates of tax will continue to be the same as those specified for assessment year 2012-2013. No surcharge will be levied. Paragraph C of this Part specifies the rate of income-tax in the case of every firm. In such cases, the rate of tax will continue to be the same as that specified for assessment year 2012-2013. No surcharge will be levied. Paragraph D of this Part specifies the rate of income-tax in the case of every local authority. In such cases, the rate of tax will continue to be the same as that specified for the assessment year 2012-2013. No surcharge will be levied. Paragraph E of this Part specifies the rates of income-tax in the case of companies. In both the cases of domestic companies and companies other than domestic companies, the rate of tax will continue to be the same as that specified for the assessment year 2012-2013. Surcharge in the case of domestic companies having income above one crore rupees shall continue to be levied at the rate of five per cent. In ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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