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TMI BlogFirst ScheduleX X X X Extracts X X X X X X X X Extracts X X X X ..... er 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 this amount by which the total income exceeds Rs. 25,000; (7) where the total income exceeds Rs. 30,000 but does not exceed Rs. 40,000 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. 40,000 but does not exceed Rs. 60,000 Rs. 11,000 plus 60 per cent, of the amount by which the total income exceeds Rs. 40,000; (9) where the total income exceeds Rs. 60,000 but does not exceed Rs. 80,000 Rs. 23,000 plus 70 per cent, of the amount by which the total income exceeds Rs. 60,000; (10) where the total income exceeds Rs. 80,000 but does not exceed Rs. 1,00,000 Rs. 37,000 plus 75 per cent, of the amount by which the total income exceeds Rs. 80,000; (11) where the total income exceeds Rs. 1,00,000 but does not exceed Rs. 2,00,000 Rs. 52,000 plus 80 per cent. of the amount by which the total income exceeds Rs. 1,00,000; (12) where the total income exceeds Rs. 2,00,000 Rs. 1,32,000 plus 85 per cent. of the amount by which the total income exceed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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, 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. Explanation. - For the purposes of this Paragraph, registered firm includes an unregistered firm assessed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 I. 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 10 per cent. Nil (ii) on any other income (excluding interest payable on a tax free security) 20 per cent. 3 per cent. (b) where the person is not resident in India- (i) on the whole inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome chargeable to tax under section 164 of the Income-tax Act at the rate of sixty-five per cent.) 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 Nil; (2) where the total income exceeds Rs. 5,000 but does not exceed Rs. 10,000 10 per cent. of the amount by which the total income exceeds Rs. 5,000; (3) where the total income exceeds Rs. 10,000 but does not exceed Rs. 15,000 Rs. 500 plus 17 per cent. of the amount by which the total income exceeds Rs. 10,000;; (4) where the total income exceeds Rs. 15,000 but does not exceed Rs. 20,000 Rs. 1,350 plus 23 per cent. of the amount by which the total income exceeds Rs. 15,000; (5) where the total income exceeds Rs. 20,000 but does not exceed Rs. 25,000 Rs. 2,500 plus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r cent.: Provided that the amount of surcharge payable shall, in no case, exceed the aggregate of the following sums, namely:- (i) an amount calculated at the rate of 10 per cent. on the amount of income-tax on an income of Rs. 15,000, if such income had been the total income (the income of Rs. 15,000 for this purpose being computed as if such income included income from various, sources in the same proportion as the total income of the person concerned); and (ii) 40 per cent. of the amount by which the total income exceeds Rs. 15,000. Paragraph B In the case of every co-operative society,- Rates of income-tax (1) where the total income does not exceed Rs. 10,000 15 per cent. of the total income; (2) where the total income exceeds Rs. 10,000 but does not exceed Rs. 20,000 Rs. 1,500 plus 25 per cent. of the amount by which the total income exceeds Rs. 19,000; (3) where the total income exceeds Rs. 20,000 Rs. 4,000 plus 40 per cent. of the amount by which the total income exceeds Rs. 20,000. 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 fifteen per cent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the balance, if any, of the total income the rate of income-tax applicable, in accordance with Paragraph F of this Part, to the total income of a domestic company which is a company in which the public are substantially interested. Paragraph F In the case of a company, other than the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956(31 of 1956),- Rates of income-tax I. In the case of domestic company- (1) where the company is a company in which the public are substantially interested,- (i) in a case where the total income does not exceed Rs. 50,000 45 per cent. of the total income; (ii) in a case where the total income exceeds Rs. 50,000 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 - (a) on so much of the total income as does not exceed Rs. 10,00,000 55 per cent.; (b) on the balance, if any, of the total income' ..... X X X X Extracts X X X X X X X X Extracts X X X X
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