Second Schedule

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..... ded that the annuity, deposit to be made shall in no case exceed half the amount by which the total income exceeds Rs. 15,000. (iii) In the case of a depositor whose total income exceeds Rs. 20,000 but does not exceed Rs. 40,000- 71/2 per cent. of the adjusted total income: Provided that the annuity deposit to be made shall in no case exceed the aggregate of the following sums, namely:- (a) an amo .....

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..... ll in no case exceed the aggregate of the following sums, namely:- (a) an amount calculated at ten per cent. on so much of the adjusted total income as does not exceed Rs. 70,000; (b) one-half of the amount by which the total income exceeds Rs. 70,000. Explanation.-In this Schedule, total income means total income computed in the manner laid down in the Income-tax Act without making any allowance .....

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