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TMI BlogIncome-taxX X X X Extracts X X X X X X X X Extracts X X X X ..... me 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 two lakh fifty 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 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, 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 two lakh fifty thousand rupees , the words three lakh rupees ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... crore rupees, at the rate of fifteen per cent. of such income-tax; (iii) 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 (iv) having a total income exceeding five crore rupees, at the rate of thirty-seven per cent. of such income-tax; (aa) in the case of individual or every 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, having income under section 115AD of the Income-tax Act,- (i) 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; (ii) 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; (iii) having a total income [excluding the income by way of dividend or income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Income-tax Act] exceeding two crore rupees but not exceeding five crore rupees, at the rate of twenty-five per cent. of such i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he total amount payable as income-tax and surcharge thereon 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; (iii) two crore rupees but not exceed five crore rupees, the total amount payable as income-tax and surcharge thereon shall not exceed the total amount payable as income-tax and surcharge on a total income of two crore rupees by more than the amount of income that exceeds two crore rupees; (iv) five crore rupees, the total amount payable as income-tax and surcharge thereon shall not exceed the total amount payable as income-tax and surcharge on a total income of five crore rupees by more than the amount of income that exceeds five crore rupees: Provided also that in the case of persons mentioned in (b) above, having total income chargeable to tax under section 115JC of the Income-tax Act, and such income exceeds one crore rupees, the total amount payable as income-tax on such income and surcharge thereon 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sections and shall be increased by a surcharge, for the purposes of the Union, calculated at the rate of twelve per cent. of such tax. (5) In cases in which tax has to be deducted under sections 193, 194A, 194B, 194BB, 194D, 194LBA, 194LBB, 194LBC 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 the 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 192A, 194, 194C, 194DA, 194E, 194EE, 194F, 194G, 194H, 194-I, 194-IA, 194-IB, 194-IC, 194J, 194LA, 194LB, 194LBA, 194LBB, 194LBC, 194LC, 194LD, 194K, 194M, 194N, 194-O, 194Q, 194R, 194S, 196A, 196B, 196C and 196D of the Incometax Act, the deductions shall be made at the rates specified in those sections and 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, except in case of an association of persons consisting of only companies as its members, or body of individuals, whether incorporated or not, or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r likely to be paid and subject to the deduction exceeds one crore rupees; (b) in the case of every co-operative society, being a non-resident, calculated, (i) at the rate of seven 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 but does not exceed ten crore rupees; (ii) at the rate of twelve 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 ten crore rupees; (c) in the case of every firm, being a non-resident, calculated at the rate of twelve 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; (d) in the case of every company, other than a domestic company, calculated,- (i) at the rate of two 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 but does not exceed ten crore rupees; (ii) at the rate of five per cent. of such tax, where the income or the aggregate of such incomes paid or likely to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the collection exceeds one crore rupees; (b) in the case of every co-operative society, being a non-resident, calculated, (i) at the rate of seven per cent. of such tax, where the amount or the aggregate of such amounts collected or likely to be collected and subject to the collection exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of twelve per cent. of such tax, where the amount or the aggregate of such amounts collected or likely to be collected and subject to the collection exceeds ten crore rupees; (c) in the case of every firm, being a non-resident, calculated at the rate of twelve per cent. of such tax, where the amount or the aggregate of such amounts collected or likely to be collected and subject to the collection exceeds one crore rupees; (d) in the case of every company, other than a domestic company, calculated,- (i) at the rate of two per cent. of such tax, where the amount or the aggregate of such amounts collected or likely to be collected and subject to the collection exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of five per cent. of such tax, where the amount or the aggregate of such amounts col ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng of only companies as its members, 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 having any income under section 115AD of the Income-tax Act,- (i) at the rate of ten per cent. of such advance tax , where the total income exceeds fifty lakh rupees but does not exceed one crore rupees; (ii) at the rate of fifteen per cent. of such advance tax , where the total income exceeds one crore rupees but does not exceed two crore rupees; (iii) at the rate of twenty-five per cent. of such advance tax , where the total income exceeds two crore rupees but does not exceed five crore rupees; (iv) at the rate of thirty-seven per cent. of such advance tax , where the total income exceeds five crore rupees; (aa) in the case of individual or every association of persons, except in case of an association of persons consisting of only companies as its members, 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, having income under section 115AD of the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the case of every domestic company except such domestic company whose income is chargeable to tax under section 115BAA or section 115BAB of the Income-tax Act,- (i) at the rate of seven per cent. of such advance tax , where the total income exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of twelve per cent. of such advance tax , where the total income exceeds ten crore rupees; (e) in the case of every company, other than a domestic company,- (i) at the rate of two per cent. of such advance tax , where the total income exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of five per cent. of such advance tax , where the total income exceeds ten crore rupees: Provided also that in the case of persons mentioned in (a) and (aa) above, having total income chargeable to tax under section 115JC of the Income-tax Act, and such income exceeds,- (a) fifty lakh rupees but does not exceed 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 fifty lakh rupees by more than the amount of income that exceeds fifty lakh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ove, having total income chargeable to tax under section 115JC 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: 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 but does not exceed ten 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: 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 ten 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 and surcharge on a total income of ten crore rupees by more than the amount of inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may be, advance tax in respect of the total income; and (b) such income-tax or, as the case may be, advance tax shall be so charged or computed as follows:- (i) the total income and the net agricultural income shall be aggregated and the amount of income-tax or advance 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 two lakh fifty thousand rupees, and the amount of income-tax or advance 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 were the total income; (iii) the amount of income-tax or advance tax determined in accordance with sub-clause (i) shall be reduced by the amount of income-tax or, as the case may be, advance tax determined in accordance with sub-clause (ii) and the sum so arrived at shall be the income-tax or, as the case may be, advance tax in respect of the total income: Provided that in the case of every individual, being a resident in India, who is of the age of sixty years or mor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is resident in India. (13) For the purposes of this section and the First Schedule,- (a) domestic company means an Indian company or any other company which, in respect of its income liable to income-tax under the Income-tax Act, for the assessment year commencing on the 1st day of April, 2018, has made the prescribed arrangements for the declaration and payment within India of the dividends (including dividends on preference shares) payable out of such income; (b) insurance commission means any remuneration or reward, whether by way of commission or otherwise, for soliciting or procuring insurance business (including business relating to the continuance, renewal or revival of policies of insurance); (c) net agricultural income in relation to a person, means the total amount of agricultural income, from whatever source derived, of that person computed in accordance with the rules contained in Part IV of the First Schedule; (d) all other words and expressions used in this section and the First Schedule but not defined in this sub-section and defined in the Income-tax Act shall have the meanings, respectively, assigned to them in that Act. - Clause 2 read with the First Schedule to ..... 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