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TMI BlogFirst ScheduleX X X X Extracts X X X X X X X X Extracts X X X X ..... es not exceed Rs. 20,000; Rs. 2,500 plus 30 per cent. of the amount by which the total income Rs. 25,000 exceeds (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. 6,000 plus 50 per cent. of the Rs. 50,000 Rs. 30,000 but does not exceed 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 exceeds 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 purposes 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. 7,000 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 :- (1) that it has at least two members entitled to claim partition who are not less than eighteen y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of 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, established 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 surcharge 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 amou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a total income of Rs. 25,000; and (b) a special surcharge calculated at the rate of ten per cent. on the aggregate of the following amounts, namely :- (i) the amount of income-tax computed at the rate hereinbefore specified; and (ii) the amount of the surcharge calculated in accordance with clause (a) of this sub-paragraph. Paragraph C In the case of every registered firm, - RATES OF INCOME-TAX (1) where the total income does not exceed Rs. 25,000 Nil; (2) where the total income exceeds Rs. 25,000 but does not exceed Rs. 50,000 6 per cent. of the amount by which the total income exceeds Rs. 25,000; (3) where the total income exceeds Rs. 50,000 but does Rs. 1,00,000 Rs. 1,500 plus 8 per cent. of the amount by which the total income not exceed 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. Surcharges on income-tax The amount of income-tax computed at the rate hereinbefore specified shall be increased by the aggregate of surcharges for purposes of the Union calculated as specified hereunder :- (a) in the case of a registered firm whose total income includes income derived fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r cent. of the total income; (ii) in a case where the total income exceeds Rs. 25,000 55 per cent. of the total income; (2) where the company is not a company in which the public are substantially interested, - (i) in the case of an industrial company (1) on so much of the total income as does not exceed Rs. 10,00,000 55 per cent.; (2) on the balance, if any, of the total income 60 per cent.; (ii) in any other case 65 per cent. of the total income; and (B) in addition, where the company is (i) a company in which the public are substantially interested, or (ii) a company as is referred to in clause (iii) of sub-section (2) or clause (a) or clause (b) of sub-section (4) of section 104 of the Income-tax Act, or (iii) such a company as is exempt from the operation of section 104 of the said Act by a notification issued under the provisions of sub-section (3) of that section, on so much of the total income as does not exceed the relevant amount of distributions of dividends by the company 7.5 per cent. : Provided that the income-tax payable by a domestic company, being a company in which the public are substantially interested, the total income of which exceeds Rs. 25,000, shall not exc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such dividends shall not be included in the amount of dividends referred to in clause (b) of Explanation 1. II. In the case of a company other than a domestic company (i) on so much of the total income as consists of- (a) royalties received from an Indian concern in pursuance of an agreement made by it with the Indian concern after the 31st day of March, 1961, or (b) 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 where such agreement has, in either case, been approved by the Central Government 50 per cent.; (ii) on the balance, if any, of the total income 70 per cent. PART II Rates for Deduction of tax at Source in Certain Cases In every case in which under the provisions of sections 193, 194, 194A and 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 Rate of income-tax Rate of surcharge 1. In the case of a person other than a company- (a) where the person is resident- (i) on income by way of interest other than Interest on Securities 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax payable under Chapter XVII-C of the said Act has to be computed, at the rate or rates in force, such income-tax or, as the case may be, advance tax shall be so calculated, charged, deducted or computed at the following rate or rates :- Paragraph A In the case of every individual or Hindu undivided family or 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, - RATES OF INCOME-TAX (1) where the total income does not exceed Rs. 5,000 5 per cent. of the total income; (2) where the total income exceeds Rs. 5,000 but does not exceed Rs. 10,000 Rs. 250 plus 10 per cent. of the amount by which the totalincome exceeds Rs. 5,000; (3) where the total income exceeds Rs. 10,000 but does not exceed Rs. 10,000; Rs. 750 plus 15 per cent. of the amount by which the total Rs. 15,000 income exceeds (4) where the total income exceeds Rs. 15,000 but does not exceed Rs. 20,000 Rs. 1,500 plus 20 per cent. of the amount by which the total income exceeds Rs. 15,000; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income-tax computed at the rate hereinbefore specified shall be reduced by so much of the amount specified hereunder, as does not exceed the amount of income-tax so computed :- (a) Rs. 125. . . . . in the case of an unmarried individual; (b) Rs. 200. . . . . in the case of a married individual who has no child mainly dependent on him or a Hindu undivided family which has no minor coparcener; (c) Rs. 220. . . . . in the case of a married individual who has one child mainly dependent on him or a Hindu undivided family which has one minor coparcener mainly supported from the income of such family; (d) Rs. 240. . . . . in the case of a married individual who has more than one child mainly dependent on him or a Hindu undivided family which has more than one minor coparcener mainly supported from the income of such family; (iv) (A) where such person is an individual whose total income exceeds Rs. 10,000 but does not exceed Rs. 20,000, and who has, during the previous year, incurred any expenditure for the maintenance of any one or more of his parents or grand-parents mainly dependent on him, the income-tax payable by him in respect of such total income shall not exceed the aggregate of - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t on any security of the Central or State Government and income received in respect of units from the Unit Trust of India, established 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 surcharge 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; (2) where the amount of the difference exceeds Rs. 65,000 but does not exceed Rs. 1,30,000 Rs. 3,250 plus 10 per cent. of the amount by which the difference aforesaid exceeds Rs. 65,000; (3) where the amount of the difference exceeds Rs. 1,30,000 Rs. 9,750 plus 15 per cent. of the amount by which the difference aforesaid exceeds Rs. 1,30,000; and (c) a special surcharge calculated at the rate of ten per cent. on the aggregate of the followin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Nil; (2) where the total income exceeds Rs. 25,000 but does not exceed Rs. 50,000 6 per cent. of the amount by which the total income exceeds Rs. 25,000; (3) where the total income exceeds Rs. 50,000 but does not exceed Rs. 1,00,000 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 Surcharges on income-tax The amount of income-tax computed at the rate hereinbefore specified shall be increased by the aggregate of surcharges for purposes of the Union calculated as specified hereunder :- (a) 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, a surcharge calculated at the rate of ten per cent. of the amount of income-tax computed at the rate hereinbefore specified; (b) in the case of any other registered firm, a surcharge calculated at the rate of twenty per cent. of the amount of income-tax computed at the rate hereinbefore specified; and (c) a special surcharge calcula ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d (B) in addition, where the company is - (i) a company in which the public are substantially interest, or (ii) a company as is referred to in clause (iii) of sub-section (2) or clause (a) or clause (b) of sub-section (4) of section 104 of the Income-tax Act, or (iii) such a company as is exempt from the operation of section 104 of the said Act by a notification issued under the provisions of sub-section (3) of that section, on so much of the total income as does not exceed the relevant amount of distributions of dividends by the company 7.5 per cent. : Provided that the income-tax payable by a domestic company, being a company in which the public are substantially interested, the total income of which exceeds Rs. 50,000, 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. 50,000 (the income of Rs. 50,000 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) 80 per cent. of the amount by which its total income exceeds Rs. 50,000. Explanation 1 : In clause (B), the expression the relevant amount of distri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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