9911796707
TMI BlogFirst ScheduleX X X X Extracts X X X X X X X X Extracts X X X X ..... exceed of Rs. 25,000 Rs. 2,500 plus 30 per cent. 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 die 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 but does not exceed Rs. 1,00,000 Rs. 28,000 plus 65 per cent. of the amount by which the total income exceeds Rs. 70,000; (10) where the total income exceeds Rs. 1,00,000 but does not exceed Rs. 2,50,000 Rs. 47,500 plus 70 per cent. of the amount by which the total income exceeds Rs. 1,00,000; (11) where the total income exceeds Rs. 2,50,000 Rs. 1,52,500 plus 75 per cent. of the amount by which the total income exceeds Rs. 2,50,000; Provided that for the purposes of this Paragraph, in the case of a person, not being a non-resident - (i) no income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dual 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, so, however, that in the case of a married individual whose spouse has a total income exceeding Rs. 4,000, this clause shall have effect as if for the amounts of Rs. 200, Rs. 220 and Rs. 240, the amounts of Rs. 125, Rs. 145 and Rs. 165 had respectively, been substituted; (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 - (1) the income-tax which would have been payable by the individual if his total income had been Rs. 10,000, and (2) 40 per cent. of the amount by which the total income of the individual exceeds Rs. 10,000; (B) where such person is not an individual whose case falls under sub-clause (A) and the total income of such person does not exceed Rs. 20,000, the income-tax payable thereon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 by 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. 7,500 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 calculated at th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es 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 distributions of dividends means the aggregate of the following amounts, namely :- (a) the amount of dividends, other than dividends on preference shares, declared or distributed by the company during the previous year relevant to the assessment year commencing on the 1st day of April, 1964, or the 1st day of April, 1965, with reference to which the amount of the rebate arrived at under the first proviso to Paragraph D of Part II of the First Schedule to the Finance Act, 1964 (5 of 1964) or, as the case may be, the first proviso to Paragraph F of Part I of the First Schedule to the Finance Act, 1965 (10 of 1965), is required to be reduced under the second proviso to the said Paragraph D or, as the case may be, the second proviso to the said Paragraph F, as diminished by so much of the amount of dividends aforesaid with reference to which the rebate referred to hereinabove is reduced under the second proviso to the said Paragraph D or the second proviso to the said Paragrap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of section 80M of the Income-tax Act 14 per cent. Nil; (ii) on the income by way of dividends payable by any domestic company other than a company referred to in (i) hereinabove 24.5 per cent. Nil; (iii) on the income by way of royalties payable by an Indian concern in pursuance of an agreement made by it with the Indian concern after the 31st day of March, 1961, and which has been approved by the Central Government 50 per cent. Nil; (iv) on the income by way of fees payable by an Indian concern for rendering technical services in pursuance of an agreement made by it with the Indian concern after the 29th day of February, 1964, and which has been approved by the Central Government 50 per cent. Nil; (v) on the income by way of interest payable on a tax free security 44 per cent. Nil; (vi) on any other income 70 per cent. Nil. PART III Rates for calculating or charging income-tax in certain cases, deducting income-tax from income chargeable under the head salaries or any payment referred to in sub-section (9) of section 80e and computing advance tax In cases in which income-tax has to be calculated under the first proviso to sub-section (5) of section 132 of the Income-tax Act or cha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 70,000; (10) where the total income exceeds Rs. 1,00,000 but does not exceed Rs. 2,50,000 Rs. 47,750 plus 70 per cent. of the amount by which the total income exceeds Rs. 1,00,000 (11) where the total income exceeds Rs. 2,50,000 Rs. 1,52,750 plus 75 per cent. of the amount by which the total income exceeds Rs. 2,50,000 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 at any time during the previous year relevant to the assessment year commencing on the 1st day of April, 1970, 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 years of age; or (2) 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; (b) Rs. 4,000 in every other case; (ii) where such person is an individual whose total income does not exceed Rs. 10,000 and who has, du ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 165 had, respectively, been substituted; (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 relevant to the assessment year commencing on the 1st day of April, 1970, incurred any expenditure for the maintenance of any one or more of his parents or grant-parents mainly dependent on him, the income-tax payable by him in respect of such total income shall not exceed the aggregate of - (1) the income-tax which would have been payable by the individual if his total income had been Rs. 10,000, and (2) 40 per cent. of the amount by which the total income of the individual exceeds Rs. 10,000; (B) where such person is not an individual whose case falls under sub-clause (A) and the total income of such person does not exceed Rs. 20,000, the income-tax payable thereon shall not exceed 40 per cent. of the amount by which the total income exceeds the limit specified in sub-clause (a) or, as the case may be, sub-clause (b) of clause (i) of this proviso. Explanation : For the purposes of clause (ii) and sub-clause (A) of clause (iv) of this proviso, a parent or grand-parent of an individual shall no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 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 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), or, as the case may be, clause (b), of this sub-paragraph. Paragraph D In the case of every local authority, - Rate of Income-Tax On the whole of the total income 50 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 calculated at the rate of ten per cent. of such income-tax. Paragraph E In the case of the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956), - Rates of Income-Tax (i) on that part of its total income which consists of profits and gains from life insurance business 52.5 per cent.; (ii) on ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
