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TMI BlogFirst ScheduleX X X X Extracts X X X X X X X X Extracts X X X X ..... dividual or Hindu undivided 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 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 aggrega ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtition 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. 3,000 in every other case; (c) an additional surcharge for purposes of the Union calculated on the amount of the residual income at the following rates, namely:- (i) On the first Rs. 6,000 of the residual income . . . . 4% (ii) On the next Rs. 9,000 of the residual income . . . 6% (iii) On the next Rs. 12,000 of the residual income . . . . 8% (iv) On the next Rs. 15,000 of the residual income . . . . 9% (v) On the balance of the residual income . . . 10% Provided that- (i) no additional surcharge shall be levied where the residual income does not exceed the limit specified below; (ii) the additional surcharge shall in no case exceed the aggregate of the following sums, namely: (a) an amount calculated at three per cent. on so much of the amount of residual income as does not exceed the limit specified below; (b) one-half of the amount by which the residual income exceeds the limit specified below. The limit aforesaid shall be- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ners as on the last day of the previous year (1) On the first Rs. 25,000 of total income Nil Nil (2) On the next Rs. 15,000 of total income 5% 7% (3) On the next Rs. 20,000 of total income 6% 8% (4) On the next Rs. 40,000 of total income 7% 9% (5) On the next Rs. 50,000 of total income 8% 10% (6) On the balance of total income 10% 12% Surcharge on income-tax The amount of income-tax computed at the rates hereinbefore specified shall be increased by a surcharge for purposes of the Union equal to the sum of- (i) twenty per cent, of the amount of income-tax payable by the firm on its income from any business carried on by it calculated at the rate of income-tax applicable to it's total income; and (ii) ten per cent, of the amount of income-tax payable by it on its income from all sources other than from any business carried on by it calculated at the rate of income-tax applicable to its total income. Part II Super-tax and surcharges 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 juridical person referred to in sub-clause (vii ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 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 50 per cent, on so much of the total income as consists of dividends from any Indian company; and at the rate of 35 per cent, on the balance of the total income shall be allowed in the case of any company which- (a) in respect of its profits liable to tax under the Income-tax Act for the assessment year commencing on the 1st day of April, 1963, has made the prescribed arrangements for the declaration and payment within India of the dividends payable out of such profits in accordance with the provisions of section 194 of that Act; and (b) is such a company as is referred to in section 108 of the Income-tax Act with a total income not exceeding Rs. 25,000; (ii) a rebate at the rate of 50 per cent, on so much of the total income as consists of dividends from a subsidiary Indian ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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 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 rupees twenty-five thousand; and (b) half the amount by which its total income exceeds rupees twenty-five thousand. Explanation I. - For the purposes of this Paragraph, where any portion of the profits and gains of a company is not included in its total income by reason of such portion being agricultural income, the amount representing the face value of any bonus shares and the amount of any bonus issued to its shareholders shall each be deemed to be such proportion thereof as the average of the total income of the company in the five previous years in which the company has been in receipt of taxable income immediat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ause (iv) of sub-section (1) of section 99 of the Income-tax Act); and 5% (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 clause (iv) of sub-section (1) of section 99 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 an Indian company, not being a subsidiary company, formed and registered before the 1st day of April, 1959 . . . . . . . . . 20% (3) on dividends payable by any other Indian company formed and registered on or after the 1st day of April, 1959 . . . . . . . . . 5% (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 . . . . . . . . . 20% (iii) on any other income . . . . . . . . . 33% - statute, statutory provisions legisla ..... X X X X Extracts X X X X X X X X Extracts X X X X
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