Second Schedule

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..... come: Provided 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 9 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 .....

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..... o case exceed the aggregate of the following sums, namely :- (a) an amount calculated at twenty 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 un .....

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