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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 ..... . ( 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 ₹ 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eased 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 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 or section 112A 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 inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... very 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 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 i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 Go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tter 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.; ( 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 exceeding one lakh rupees 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 ce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 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 exceeding one lakh rupees 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... argeable 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 Chapter XII-FB or sub-section (1A) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act at the rates as specified in that Chapter or section or surcharge, wherever applicable, on such advance 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isions of section 111A or section 112 or section 112A of the Income-tax Act, shall be increased by a surcharge for the purposes of the Union, calculated, 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,- ( a ) having a total income exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent. of such income-tax; ( b ) having a total income exceeding one crore rupees but not exceeding two crore rupees, at the rate of fifteen per cent. of such income-tax; ( c ) having a total income exceeding two crore rupees but not exceeding five crore rupees, at the rate of twenty-five per cent. of such income-tax; and ( d ) having a total income exceeding five crore rupees, at the rate of thirty-seven per cent. 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urcharge 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 or section 112A 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 or section 112A 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 surcharge for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 the head Income from other sources and the provisions of sections 57 to 59 of that Act shall, so far as may be, apply accordingly: Provided that sub-section ( 2 ) of section 58 shall ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd 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 year in respect of any source of agricultural income is a loss, such loss shall be set off against the income of the assessee, if any, for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the assessment year commencing on 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 or the 1st day of April, 2018, ( iv ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2014, 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, 2015 or the 1st day of April, 2016 or the 1st day of April, 2017 or the 1st day of April, 2018, ( v ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2015, 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, 2016 or the 1st day of April, 2017 or the 1st day of April, 2018, ( vi ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2016, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the 1st day of April, 2019, ( iii ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2014, 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, 2015 or the 1st day of April, 2016 or the 1st day of April, 2017 or the 1st day of April, 2018 or the 1st day of April, 2019, ( iv ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2015, 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, 2016 or the 1st day of April, 2017 or the 1st day of April, 2018 or the 1st day of April, 2019, ( v ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2016, 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, 2017 or the 1st day of April, 2018 or the 1st day ..... 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