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TMI BlogTHE FIRST SCHEDULE -(See section 2) - Rates of Income Tax - Advance Tax and TDSX X X X Extracts X X X X X X X X Extracts X X X X ..... exceeds ₹ 10,00,000. (II) 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 ₹ 2,50,000 NIL (2) where the total income exceeds ₹ 2,50,000 but does not exceed ₹ 5,00,000 10 per cent. of the amount by which the total income exceeds ₹ 2,50,000; (3) where the total income exceeds ₹ 5,00,000 but does not exceed ₹ 10,00,000 ₹ 25,000 plus 20 per cent. of the amount by which the total income exceeds ₹ 5,00,000; (4) where the total income exceeds ₹ 10,00,000 ₹ 1,25,000 plus 30 per cent. of the amount by which the total income exceeds ₹ 10,00,000. (III) 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, Rates of income-tax (1) where the total income does not exceed ₹ 5,00,000 Nil; (2) where the total income exceeds ₹ 5,00,000 but does not exceed ₹ 10,00,000 20 per cent. of the amount by which the total income exceeds ₹ 5,00,000; (3) w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 firm, having a total income exceeding one crore rupees, be increased by a surcharge forthe purposes of the Union calculated at the rate of ten per cent. of such income-tax: Provided that in the case of every firm mentioned above having 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. Paragraph D In the case of every local authority, Rate of income-tax On the whole of the total income 30 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 local authority, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of ten per cent of such income-tax: Provided that in the case of every local authorit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upees. 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: 1. In the case of a person other than a company Rate of income-tax (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 company where such debentures are listed on a recognised stock exchange in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made thereunder; (C) any s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... overnment of India, the agreement is in accordance with that policy 25 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 (not being income by way of interest referred to in section 194LB or section 194LC) 20 per cent.; (B) 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 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 sub-section (1A) 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 (1A) of section 115A of the Income-tax Act, to a person ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rn in foreign currency (not being income by way of interest referred to in section 194LB or section194LC) 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 sub-section (1A) 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 (1A) of section 115A of the Income-tax Act, to a person resident in India 25 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 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 Govern ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees but does not exceed ten crore rupees; and (b) at the rate of five 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 ten crore rupees. 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 174A 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-C of the said Act has to be computed at the rate or rates in force, such income-tax or, as the case may be, advance tax [not being advance tax in respect of any income chargeable to tax under Chapter XII or Chapter XII-A or income chargeable to tax under section 115JB or section 115JC or Chapter XII-FA or sub-section (1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of eighty years or more at any time during the previous year, Rates of income-tax (1) where the total income does not exceed ₹ 5,00,000 Nil; (2) where the total income exceeds ₹ 5,00,000 but does not exceed ₹ 10,00,000 20 per cent. of the amount by which the total income exceeds ₹ 5,00,000 (3) where the total income exceeds ₹ 10,00,000 ₹ 1,00,000 plus 30 per cent. of the amount by which the total income exceeds ₹ 10,00,000 Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or in section 111A orsection 112, shall, in the case of every individual or Hindu undivided family or association of persons or body of individuals,whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of theIncome-tax Act, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Unioncalculated at the rate of ten per cent. of such income-tax: Provided that in the case of persons mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of this Paragraph, or in section 111A or section 112, shall, in the case of every local authority, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of ten per cent. of such income-tax: Provided that in the case of local authority mentioned above having 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. Paragraph E In the case of a company, Rates of income-tax I. In the case of a domestic company 30 per cent. of the total income; II. In the case of a company other than a domestic company (i) on so much of the total income as consists of, (a) royalties received from 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, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Gov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons (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 provisions of sections 30, 31, 32, 36, 37, 38, 40, 40A [other than sub-sections (3) and (4) thereof], 41, 43, 43A, 43B and 43C of the Income-tax Act shall, so far as may be, apply accordingly. Rule 3. Agricultural income of the nature referred to in sub-clause (c) of clause (1A) of section 2 of the Income-tax Act, being income derived from any building required as a dwelling-house by the receiver of the rent or revenue or 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 Income from house property and the provisions of sections 23 to 27 of tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, 2014, 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 years 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 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013, is a loss, then, for the purposes of sub-section (2) of section 2 of this Act, (i) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2012, 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, 2013, (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2013, 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, 2014. (2) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 2015, 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 year relevant to the assessment years 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 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al income for the previous year relevant to the assessment year commencing on the 1st day of April, 2013 or the 1st day of April, 2014, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2013, 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, 2014, (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2014, 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, 2015. (3) Where any person deriving any agricultural income from any source has been succeeded in such capacity by another person, otherwise than by inheritance, nothing in sub-rule (1) or sub-rule (2) shall entitle any person, other than the person incurring the loss, to have it set off under sub-rule (1) or, as the case may be, sub-rule (2). (4) Notwithstanding anything contained in this rule, no loss which has not been determined by the Assessing Officer under the provisio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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