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TMI BlogFirst ScheduleX X X X Extracts X X X X X X X X Extracts X X X X ..... ed Rs. 25,000 Rs. 2,500 plus 30 per cent. of the amount by which the total income exceeds Rs. 20,000. (6) where the total income exceeds Rs. 25,000 but does not exceed Rs. 30,000 Rs. 4,000 plus 40 per cent. of the amount by which the total income exceeds Rs. 25,000 (7) where the total income exceeds Rs. 30,000 but does not exceed Rs. 50,000 Rs. 6,000 plus 50 per cent. of the amount by which the total income exceeds Rs. 30,000 (8) where the total income exceeds Rs. 50,000 but does not exceed Rs. 70,000 Rs. 16,000 plus 60 per cent. of the amount by which the total income exceeds Rs. 50,000 (9) where the total income exceed Rs. 70,000 Rs. 28,000 plus 65 per cent. Of the amount by which the total income exceeds Rs. 70,000 Provided that for the purpose of this Paragraph, in the case of a person, not being a non-resident - (i) no income-tax shall be payable on a total income not exceeding the following limit, namely :- (a) Rs. 6,000 in the case of every Hindu undivided family which as at the end of the previous year satisfies either of the following two conditions, namely :- (i) that it has at least two members entitled to claim partition who are not less than eighteen years of age; or ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs. 15,000 if it had been the total income, at the following rate, namely :- (1) where the amount of the difference does not exceed Rs. 14,500 20 per cent. of the amount of such difference (2) where the amount of the difference exceeds Rs. 14,500 Rs. 2,900 plus 25 per cent. of the amount by which the difference aforesaid exceeds Rs. 14,500 (b) where - (i) in the case of an individual or a Hindu undivided family, the earned income and income by way of interest on any security of the Central or State Government and income received in respect of units from the Unit Trust of India under the Unit Trust of India Act, 1963 (52 of 1963), included in the total income, or (ii) in any other case, the earned income included in the total income exceeds Rs. 1 lakh, a sum calculated on the amount of the difference between the income-tax computed in respect of the income referred to in sub-clause (i) or, as the case may be, sub-clause (ii), if such income had been the total income and the income-tax computed in respect of a total income of Rs. 1 lakh, at the following rate, namely :- (1) where the amount of the difference does not exceed Rs. 65,000. 5 per cent. of the amount of such difference. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00 Rs. 1,500 plus 8 per cent. of the amount by which the total income exceeds Rs. 50,000; (4) where the total income exceeds Rs. 1,00,000 Rs. 5,500 plus 12 per cent. of the amount by which the total income exceeds Rs. 1,00,000 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 of twenty per cent. of the amount of income-tax : Provided that in the case of a registered firm whose total income includes income derived from a profession carried on by it and the income so included is not less than fifty-one per cent. of such total income, the amount of surcharge for purposes of the Union computed at the rate hereinbefore specified shall be reduced by one-half of such amount. Paragraph D In the case of every local authority, - Rate of Income-Tax On the whole of the total income.. 45 per cent. 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 of ten per cent. of the amount of income-tax. Paragraph E In the case of the Life Insurance Corporation of India established under the Life Insuran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an the profits and gains referred to in (a) hereinabove - (i) on so much of such income as, together with the profits and gains referred to in (a) hereinabove, does not exceed Rs. 10 lakhs 30 per cent. (ii) on the balance of such income 20 per cent. (ii) in any other case (a) on so much of the total income as consists of profits and gains attributable able to the business of generation or distribution of electricity or of construction, manufacture or production of any one or more of the articles or things specified in the list in Part III of this Schedule 26 per cent. a. on the balance of the total income 20 per cent. III. In the case of a company which in respect of its income liable to income tax under the Income tax Act for the assessment year commencing on the 1st day of April, 1965, has not made the prescribed arrangements for the declaration and payment within India of the dividends payable out of such income in accordance with the provisions of section 194 of that Act (a) 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 April, 1961, and which has bee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quity capital at the rate of 7.5 per cent. (B) in any other case on the whole amount of the dividends other than dividends on preference shares at the rate of 7.5 per cent.; (ii) Where the sum arrived at in accordance with clause (i) of this proviso exceeds the amount of the rebate arrived at under the preceding proviso, only so much of the amounts of reduction mentioned in sub-clause (a), (b) and (c) 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 income-tax payable by a company, as is referred to in section 108 of the Income-tax Act, and the total income of which exceeds Rs. 25,000, shall not exceed the aggregate of - (a) the income-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) eighty per cent. of the amount by which its total income exceeds Rs. 25,000. Explanation 1 : For the purposes of this Paragraph, a company shall be deem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate of surcharge 1. 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 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); 18 per cent. 2 per cent. (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); Income-tax at 25 per cent. and surcharge at 5 per cent. of the amount of the income Or Income-tax and surcharge on income-tax in respect of the income at the rates prescribed in Paragraph A of Part I of this Schedule, if such income had been the total income, Whichever in higher. (ii) on the income from interest payable on any security of Central Government issued or declared to be income-tax free, and interest payable on any security of a State Government issued income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ime-stone, magnesite 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) Flame and drip proof motors. (7) Equipment for the generation and transmission of electricity including transformers, cables and transmission towers. (8) Machine tools and precision tools (including their attachments and accessories, cutting tools and small tools), dies and jigs. (9) Tractors, earth-moving machinery and agricultural implements. (10) Motor trucks and buses. (11) Steel castings and forgings and malleable iron and steel castings. (12) Cement and refractories. (13) Fertilisers, namely, ammonium sulphate, ammonium sulphate nitrate (double salt), ammonium nitrate, calcium 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 phos ..... X X X X Extracts X X X X X X X X Extracts X X X X
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