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TMI BlogFirst ScheduleX X X X Extracts X X X X X X X X Extracts X X X X ..... divided family whose total income in either case exceeds Rs. 20,000 and in the case of every unregistered firm or other 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 : Rs. (1) On the first. . . . . . . 1,000 of total income Nil (2) On the next. . . . . . . 4,000 3% (3) On the next. . . . . . . 2,500 7% (4) On the next. . . . . . . 2,500 10% (5) On the next. . . . . . . 2,500 12% (6) On the next. . . . . . . 2,500 15% (7) On the next. . . . . . . 2,500 20% (8) On the next. . . . . . . 2,500 23% (9) On the balance of total income. . . . . . . 25% Provided that for the purpose 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vidends, whichever is less : Provided further that (a) where the total income includes any dividends on ordinary shares, the surcharge for purposes of the Union and the special surcharge shall not in each exceed half the amount by which the total income exceeds the respective limits applicable in either case; (b) the surcharge for purposes of the Union and the special surcharge, both together, shall not exceed half the amount by which the total income exceeds the limit specified 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 portion 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecified shall be increased by the aggregate of the surcharges calculated as under : (a) A surcharge for purposes of the Union equal to the sum of (i) two and a half per cent. of the amount of super tax calculated at the average rate of super tax on the income under the head Salaries included in the total income; (ii) five per cent. of the amount of super tax calculated at the average rate of super tax on the total income as reduced by the income under the head Salaries included therein; and (iii) where the earned income included in the total income exceeds Rs. 1,00,000, ten per cent. of the difference between the amount of super tax which would have been payable on the whole of the earned income included in the total income, if such earned income had been the total income and the amount of super tax payable on a total income of Rs. 1,00,000; (b) A special surcharge at fifteen per cent. of the difference between the amount of super tax on the total income and the amount of super tax on the whole of the earned income, if any, included in the total income, if such earned income had been the total income. Paragraph B In the case of every local authority, RATE OF SUPER TAX On the while ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , not being a subsidiary company, formed and registered before the 1st day of April, 1959; at the rate of 45 per cent. on so much of the total income as consists of dividends from any other Indian company formed and registered on or after the 1st day of April, 1959; at the rate 30 per cent. on so much of the total income as consists of royalties received from an Indian concern in pursuance of an agreement 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; and the rate of 17 per cent. on the balance of the total income shall be allowed in the case of any company not entitled to a rebate under either of the preceding clauses : Provided further that (i) the amount of the rebate under clause (i) or clause (ii) of the preceding proviso shall be reduced by the sum, if any, equal to the amount or the aggregate of the amounts, as the case may be, computed as hereunder : (a) on the aggregate 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, 1961 (14 of 1961), as reduced by the amount, if any, which is deemed to have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956), RATE OF SUPER TAX On the whole of its profits and gains from life insurance business 22.5% PART III RATES FOR DEDUCTION OF TAX AT SOURCE IN CERTAIN CASES In every case in which under the provisions of sub section (2) of section 192 and sections 193 to 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 deduction at the following rates : Income-tax Super-tax Rate of income-tax Rates of surcharges Rate of super-tax Rates of surcharges Surcharge for purposes of the Union Special surcharge 1. In the case of a person other than a company- (a) in every case, on the whole income (excluding interest payable on any security of the Central Government issued or declared to be income-tax free, and interest payable on any security of a State Government issued income-tax whereon is payable by the State Government), and 25% 1.25% ( b ) in addition, where the person is non-resident in India, on the whole income. Super-tax and surcharges on super-tax in accordance with the provisions of clause (b) of subsection (1) of section 113 of the. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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