9911796707
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 ..... 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 ₹ 3,00,000 Nil; (2) where the total income exceeds ₹ 3,00,000 but does not exceed ₹ 5,00,000 10 per cent. of the amount by which the total income exceeds ₹ 3,00,000; (3) where the total income exceeds ₹ 5,00,000 but does not exceed ₹ 10,00,000 ₹ 20,000 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 ₹ 1,20,000 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) where the total income excee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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 the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every firm, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve 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 the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every local authority, having a total income exceeding one crore rupees, be increased by a surc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovided that in the case of every company having a total income exceeding one crore rupees but not exceeding ten 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: Provided further that in the case of every company having a total income exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten 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 , 194LBA, 194LBB, 194LBC 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 Inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vernment 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.; ( 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 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 G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 ) of section 10] 20 per cent.; ( J ) 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 interest referred to in section 194LB or section 194LC) 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 royalt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gs 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 ( i ) item 1 of this Part, shall be increased by a surcharge, for the purposes of the Union, ( a ) 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 the Income-tax Act, being a non-resident, calculated, I. at the rate of ten per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds fifty lakh rupees but does not exceed one crore rupees; II. at the rate of fifteen per cent. of such 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; and ( b ) in the case of every co-operative society or firm, being a non-resident, calculated at the rate of twelve per cent., where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e ( 31 ) of section 2 of the Income-tax Act, not being a case to which any other Paragraph of this Part applies,- 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 5 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 ₹ 12,500 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 ₹ 1,12,500 plus 30 per cent. of the amount by which the total income 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 ₹ 3,00,000 Nil; ( 2 ) where the total income exceeds ₹ 3,00,000 but does not exceed ₹ 5,00,000 5 per cent. of the amount by which the total income exceeds ₹ 3,00,000; ( 3 ) where the total income exceeds ₹ 5,00,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xceed ₹ 10,000 10 per cent. of the total income; ( 2 ) where the total income exceeds ₹ 10,000 but does not exceed ₹ 20,000 ₹ 1,000 plus 20 per cent. of the amount by which the total income exceeds ₹ 10,000; ( 3 ) where the total income exceeds ₹ 20,000 ₹ 3,000 plus 30 per cent. of the amount by which the total income exceeds ₹ 20,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every co-operative society, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such incometax: Provided that in the case of every co-operative society 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 C In the case of every firm,- Rate of income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rn in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government 50 per cent.; ( ii ) on the balance, if any, of 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 the provisions of section 111A or section 112 of the Income-tax Act, shall, be increased by a surcharge for the purposes of the Union, calculated, ( i ) in the case of every domestic company, ( a ) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of seven per cent. Of such income-tax; and ( b ) having a total income exceeding ten crore rupees, at the rate of twelve per cent. of such income-tax; ( ii ) in the case of every company other than a domestic company, ( a ) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of two per cent. of such income-tax; and ( b ) having a total income exceeding ten crore rupees, at the rate of five per cent. of such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 that Act shall, so far as may be, apply accordingly. Rule 4 .-Notwithstanding anything contained in any other provisions of these rules, in a case- ( a ) where the assessee derives income from sale of tea grown and manufactured by him in India, such income shall be computed in accordance with rule 8 of the Income-tax Rules, 1962, and sixty per cent. of such income shall be regarded as the agricultural income of the assessee; ( b ) where the assessee derives income from sale of centrifuged latex or cenex or latex based crepes (such as pale latex crepe) or brown crepes (such as estate brown crepe, re-milled crepe, smoked blanket crepe or flat bark crepe) or technically specified block rubbers manufactured or processed by him from rubber plants grown by him in India, such income shall be computed in accordance with rule 7A of the Income-tax Rules, 1962, and sixty-five per cent. of such income shall be regarded as the agricultural income of the assessee; ( c ) where the assessee derives income from sale of coffee grown and m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, 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 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, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016, ( ii ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2010, 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, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016, ( iii ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2011, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016 or the 1st day of April, 2017, is a loss, then, for the purposes of sub-section ( 10 ) 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, 2010, 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, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016 or the 1st day of April, 2017, ( ii ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2011, 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, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016 or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing 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 provisions of these rules or the rules contained in the First Schedule to the Finance (No. 2) Act, 2009 (33 of 2009) or the First Schedule to the Finance Act, 2010 (14 of 2010) or the First Schedule to the Finance Act, 2011 (8 of 2011) or the First Schedule to the Finance Act, 2012 (23 of 2012) or the First Schedule to the Finance Act, 2013 (17 of 2013) or the First Schedule to the Finance (No. 2) Act, 2014 (25 of 2014) or the First Schedule to the Finance Act, 2015 (20 of 2015) or the First Schedule to the Finance Act, 2016 (28 of 2016) shall be set off under sub-rule ( 1 ) or, as the case may be, sub-rule ( 2 ). Rule 9.- Where the net result of the computation made in accordance with these rules is a loss, the loss so computed shall be ignored and the net agricultural income shall be deemed to be nil. Rule 10.- The provisions of the Income-tax Act relating to procedure for assessment (including the provisions of section 288A relating to rounding off of income) s ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
