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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 ..... 00. ( 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 ₹ 5,00,000 but does not exceed ₹ 10,00,000 Rs.10,000 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 ₹ 1,10,000 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Union calculated at the rate of twelve per cent. of such income-tax: 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-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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore 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 income-tax: Provided 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 RAT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re 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 section115A 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 section115A of the Income-tax Act, to a person resident in India 10 per cent.; ( H ) on income by way of royalty [not being royalty of the nature referred to in sub-item ( b )( i )( G )] 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 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 c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .; ( E ) on income by way of winnings from lotteries, crossword puzzles, card games and other games 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 referred to in sub-clause ( iii ) of clause ( c ) of sub-section ( 1 ) of section 112 10 per cent.; ( I ) on income by way of long-term capital gains referred to in section 112A 10 per cent.; ( J ) on income by way of other long-term capital gains [not being long-term capital gains referred to in clauses ( 33 ) and ( 36 ) of section 10] 20 per cent.; ( K ) 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 b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the agreement is made after the 31st day of March, 1976 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 referred to in sub-clause ( iii ) of clause ( c ) of sub-section ( 1 ) of section 112 10 per cent.; ( ix ) on income by way of long-term capital gains referred to in section 112A 10 per cent.; ( x ) on income by way of other long-term capital gains [not being long-term capital gains referred to in clauses ( 33 ) and ( 36 ) of section 10] 20 per cent.; ( xi ) on any other income 40 per cent. Explanation .-For the purposes of item 1( b )( i ) of this Part, investment income and non-resident Indian shall have the respective 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 ( 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-cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vance tax in respect of any income chargeable to tax under section 115A or section 115AB or section 115AC or section 115ACA or section 115AD or section 115B or section 115BA or section 115BB or section 115BBA or section 115BBC or section 115BBD or section 115BBDA or section 115BBE or section 115BBF or section 115BBG or section 115E or section 115JB or section 115JC] shall be charged, deducted or computed at the following rate or rates:- Paragraph A ( I ) In the case of every individual other than the individual referred to in items ( II ) and ( III ) of this Paragraph 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, 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 excee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. of such income-tax: Provided that in the case of persons mentioned above having total income exceeding,- ( a ) fifty lakh rupees but not 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 fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees; ( b ) 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 and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph B In the case of every co-operative society,- Rates of income-tax ( 1 ) where the total income does not exceed ₹ 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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,- ( i ) where its total turnover or the gross receipt in the previous year 2016-2017 does not exceed two hundred and fifty crore rupees; 25 per cent. of the total income; ( ii ) other than that referred to in item ( i ) 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 the 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 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 Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng 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), (3A) 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 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al 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, 2018, 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, 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 or the 1st day of April, 2017, 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, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2017, 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, 2018. (2) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 2019, 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 years relevant to the assessment years 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 1 st day of April, 2017 or the 1st day of April, 2018, 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessment year commencing on the 1st day of April, 2017, 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, 2018, (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2018, 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, 2019. (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 provisions of these rules or the rules contained in 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 A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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