9911796707
TMI BlogFirst ScheduleX X X X Extracts X X X X X X X X Extracts X X X X ..... whose total income in either case exceeds Rs. 20,000 and in the case of every unregistered firm or other association of persons, not being a case to which any other Paragraph of this Part applies:- Rs. (1) On the first. . . . . . . . 1,000 of total income Nil (2) On the next . . . . . . . 4,000 3% (3) On the next . . . . . . . 2,500 6% (4) On the next . . . . . . . 2,500 9% (5) On the next . . . . . . . 2,500 11% (6) On the next . . . . . . . 2,500 14% (7) On the next . . . . . . . 5,000 18% (8) On the balance of total income . . . . . . . . 25%: Provided that for the purposes of this Paragraph ( i ) no income-tax shall be payable on a total income which does not exceed the limit specified below; ( ii ) the income-tax payable shall in no case exceed half the amount by which the total income exceeds the said limit; ( iii ) the income-tax payable by an individual who is married or a Hindu undivided family whose total income exceeds in either case Rs. 20,000 shall not exceed the aggregate of ( a ) the income-tax which would have been payable if the total income had been Rs. 20,000; ( b ) half the amount by which the total income exceeds Rs. 20,000; The limit aforesaid shall be ( i ) R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fied below; The limit aforesaid shall be ( i ) Rs. 15,000 in the case of every Hindu undivided family which satisfies as at the end of the previous year either of the following conditions, namely: ( a ) that it has at least two members entitled to claim partition who are not less than eighteen years of age; or ( b ) that it has at least two members entitled to claim partition who are not lineally descended one from the other and who are not lineally descended from any other living member of the family; ( ii ) Rs. 7,500 in every other case. Explanation. For the purposes of this Paragraph, in the case of every Hindu undivided family governed by the Mitakshara law, a son shall be deemed to be entitled to claim partition of the coparcenary property against his father, or grand-father notwithstanding any custom to the contrary. Paragraph B In the case of every local authority, Rate of income-tax On the whole of the total income ..30% Surcharge on income-tax The amount of income-tax computed at the rate hereinbefore specified shall be increased by a surcharge for purposes of the Union pf 5 per cent, of the amount of income-tax. Paragraph C In every case in which under the provisions of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ery local authority, Rate of super-tax On the whole of the total income 16% Surcharge on super-tax The amount of super-tax computed at the rates hereinbefore specified shall be increased by a surcharge for purposes of the Union of 12 1/2 per cent, of the amount of super-tax. Paragraph C In the case of every association of persons being a co-operative society as denned in clause ( 5B ) of section 2 of the Income-tax Act, Rates of super-tax (1) On the first Rs. 25,000 of total income .. .. Nil (2) On the balance of total income .. .. 16% Surcharge on super-tax The amount of super-tax computed at the rates hereinbefore specified shall be increased by a surcharge for purposes of the Union of 12 1/2 per cent, of the amount of super-tax. Paragraph D In the case of every company, other than the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956.) , Rates of super-tax On the whole of the total income 55% Provided that ( i ) a rebate at the rate of 45 per cent, on so much of the total income as consists of dividends from a subsidiary Indian company formed and registered before the 1st day of April, 1961; at the rate of 40 per cent, on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate of the sums computed in the manner provided in clause ( i ) of the second proviso to Paragraph D of Part II of the First Schedule to the Finance Act, 1960 (13 of 1960) as reduced by the amount, if any, which is deemed to have been taken into account, in accordance with clause ( ii ) of the said proviso, for the purpose of reducing the rebate mentioned in clause ( i ) of the said proviso to nil ; and at the rate of 100 (b) on the amount representing the face value of any bonus shares or the amount of any bonus issued to its shareholders during the previous year with a view to increasing the paid-up capital; at the rate of 12 1/2% ( ii ) where the sum arrived at in accordance with clause ( i ) of this proviso exceeds the amount of the rebate arrived at in accordance with clause ( i ) or clause ( ii ) , as the case may be, of the preceding proviso, only so much of the amounts of reduction mentioned in sub-clauses ( a ) and ( b ) of clause ( i ) of this proviso as is sufficient, in that order, to reduce the rebate to nil shall be deemed to have been taken into account for the purpose: Provided further that the super-tax payable by a company, the total income of which exceeds rupees ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of super-tax 2.In the case of a company (a) in every case (i) on the whole income (excluding interest payable on any security of the Central Government issued or declared to be income-tax free) ; and 20% (ii) on the whole income (excluding dividends payable by an Indian company referred to in section 56A of the Income-tax Act) ; and 10% (b) in addition, where the company is neither an Indian company nor a company which has made the prescribed arrangements for the declaration and payment of dividends within India, (i) on the income from dividends (excluding, dividends payable by an Indian company referred to in section. 56A of the Income-tax Act) (1) on dividends payable by any of its subsidiary Indian companies formed and registered before the 1st day of April, 1961 Nil (2) on dividends payable by any other Indian company formed and registered on or after the 1st day of April, 1959 10% (3) on any other dividends . 33% (ii) on the income from royalties payable by an Indian concern in pursuance of an agreement which is made by it with the Indian concern on or after the 1st day of April, 1961 and which has been approved by the Central Government in this behalf . 20% (iii) on any oth ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
