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TMI BlogFirst ScheduleX X X X Extracts X X X X X X X X Extracts X X X X ..... ry 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:- (1) On the first Rs. 1,000 of total income . . . . . . Nil (2) On the next Rs. 4,300 of total income . . . . . . 6% (3) On the next Rs. 2,500 of total income . . . . . . 10% (4) On the next Rs. 5,000 of total income . . . . . . 15% (5) On the next Rs. 7,500 of total income . . . . . . 20% (6) 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 whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,000, at the rate of 17.5%: Provided that the surcharge payable under this clause shall in no case exceed the aggregate of the following sums, namely:- (1) an amount calculated at the rate of fifteen per cent. on the amount of income-tax on an income of Rs. 75,000, if such income had been the total income (the income of Rs. 75,000 for this purpose being computed as if such income included income front various sources in the same proportion as the total income of the person concerned); (2) one-tenth of the amount by which the income other than the earned income exceeds Rs. 75,000; (b) where the earned income included in the total income exceeds Rs. 1,00,000, a sum calculated at ten per cent. of the difference between the amount of income-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 income-tax payable on a total income of Rs. 1,00,000. 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 sur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s carried on by it calculated at the average rate of income-tax applicable to its total income. Part II Super-tax and surcharge on super-tax Paragraph A In the case of every individual, Hindu undivided family, unregistered firm or other association of persons or body of individuals, whether incorporated or not, or every artificial judicial 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 super-tax (1) On the first Rs. 20,000 of total income . . . . Nil (2) On the next Rs. 5,000 of total income . . . . 10% (3) On the next Rs. 5,000 of total income . . . . 15% (4) On the next Rs. 20,000 of total income . . . . 30% (5) On the next Rs. 20,000 of total income . . . . 45% (6) On the balance of total income . . . . 50%. 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, which shall be equal to the aggregate of the sums computed as hereunder:- (a) where the amount of income other than earned income, if any, included in the total income exceeds Rs. 10,000, a sum calculated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome of Rs. 1,00,000. Paragraph B In the case of every 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 rate hereinbefore specified shall be increased by a surcharge for purposes of the Union of 121/2 per cent. of the amount of super-tax. Paragraph C In the case of every association of persons being a co-operative society as defined in clause (19) 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 . . 10% 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 121/2 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 37.5 per cent. on the total income shall be allowed in the case of any company which- (a) in respect of its profits liable to tax under the Inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the rate of 20 per cent. on the balance of the total income, shall be allowed if- (a) such company satisfies condition (a) of clause (i); and (b) it is not such a company as is referred to in section 108 of the Income-tax Act; (iv) a rebate at the rate of 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; at the rate of 30 per cent on so much of the total income as consists of fees for rendering technical services received from an Indian concern in pursuance of an agreement made by it with the Indian concern after the 29th day of February, 1964 and which has been approved by the Central Government; and at the rate of 15 per cent. on the balance of the total income shall be allowed in the case of any company not entitled to a rebate under any of the preceding clauses: Provided further that- (i) the amount of the rebate under clause (i) or clause (ii) or clause (iii) of the preceding proviso shall be reduced by the sum, if any, equal to the amount or the aggregate of the amounts, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich exceeds rupees twenty-five thousand, shall not exceed the aggregate of- (a) the super-tax which would have been payable by the company if its total income had been Rs. 25,000 (the income of Rs. 25,000 for this purpose being computed as if such income included income from various sources in the same proportion as the total income of the company); and (b) fifty-five per cent. of the amount by which its total income exceeds rupees twenty-five thousand: Provided further that the super-tax payable by a company, which is wholly or mainly engaged in the manufacture or processing of goods or in mining or in the generation or distribution of electricity or any other form of power and which is not such a company as is referred to in section 108 of the Income-tax Act and the total income of which exceeds rupees five lakhs, shall not exceed the aggregate of- (a) the super-tax which would have been payable by the company if its total income had been rupees five lakhs (the income of rupees five lakhs for this purpose being computed as if such income included income from various sources in the same proportion as the total income of the company); and (b) fifty-five per cent. of the amount by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x Rate of income-tax Rate of surcharge Rate of super-tax Rate of surcharge I. In the case of a person other than a company- (a) where the person is resident- on the whole income (excluding interest payable on any security of the Central Government issued or declared to be income-tax frees and interest payable on any security of a State Government issued income-tax free, the income-tax whereon is payable by the State Government); 18% 2% Nil Nil; (b) where the person is not resident in India- (i) 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 free, the income-tax whereon is payable by the State Government); 25% 4.37% Super-tax and surcharge on super-tax in accordance with the provisions of clause (4) of sub-section (i) of section 113 of the Income-tax Act. (ii) on the income from 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 free, the income-tax whereon is payable by the State Government. Nil Ni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e and mineral oil. (4) Industrial machinery specified under the heading 8. Industrial Machinery , sub-heading A. Major items of specialised equipment used in specific industries , of the First Schedule to the Industries (Development and Regulation) Act, 1951 (65 of 1951). (5) Boilers and steam generating plants, steam engines and turbines and internal combustion engines. (6) Equipment for the generation and transmission of electricity including transformers, cables and transmission towers. (7) Machine tools, precision tools, dies and jigs. (8) Tractors and earth-moving machinery. (9) Steel castings and forgings. (10) Cement and refractories. (11) Fertilisers, namely, ammonium sulphate, ammonium sulphate nitrate (double salt), ammonium nitrate (nitrolime stone), ammonium chloride, super phosphate, urea and complex fertilisers of synthetic origin containing both nitrogen and phosphorus, such as ammonium phosphates, ammonium sulphate phosphate and ammonium nitro phosphate. (12) Paper and pulp. (13) Tea. (14) Electronic equipment, namely, radar equipment, computers, electronic accounting and business machines, electronic communication equipment, electronic control instruments and basic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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