9911796707
TMI BlogIncome-taxX X X X Extracts X X X X X X X X Extracts X X X X ..... ule applies, where the assessee has, in the previous year, any net agricultural income, in addition to total income and the total income exceeds 1[eight thousand rupees], then, - (a) the net agricultural income shall be taken into account, in the manner provided in clause (b) (that is to say, as if the net agricultural income were comprised in the total income after the first 1[eight thousand rupees] of the total income but without being liable to tax), only for the purpose of charging income-tax in respect of the total income; and (b) the income-tax chargeable shall be calculated as follows :- (i) the total income and the net agricultural income shall be aggregated and the amount of income-tax shall be determined in respect of the aggregat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany on its total income. (4) In cases to which Chapter XII or section 164 of the Income-tax Act, 1961 (43 of 1961), (hereinafter referred to as the Income-tax Act) applies, the tax chargeable shall be determined as provided in that Chapter or that section, and with reference to the rates imposed by sub-section (1) or the rates as specified in that Chapter or section, as the case may be. (5) In cases in which tax has to be deducted under sections 193, 194, 194A, 194B, 194D and 195 of the Income-tax Act at the rates in force, the deduction shall be made at the rates specified in Part II of the First Schedule. (6) Subject to the provisions of sub-section (7), in cases in which income-tax has to be calculated under the first proviso to sub-se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 174 or section 175 or sub-section (2) of section 176 of the said Act or in computing the advance tax payable under Chapter XVII-C of the said Act, at the rate or rates in force, - (a) the net agricultural income shall be taken into account, in the manner provided in clause (b) (that is to say, as if the net agricultural income were comprised in the total income after the first six thousand rupees of the total income but without being liable to tax), only for the purpose of calculating, charging or computing such income-tax or, as the case may be, advance tax in respect of the total income; and (b) such income-tax or, as the case may be, advance tax shall be so calculated, charged or computed as follows :- (i) the total income and the net ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... luding dividends on preference shares) payable out of such income in accordance with the provisions of section 194 of that Act; (c) industrial company means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining. Explanation: For the purposes of this clause, a company shall be deemed to be mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining, if the income attributable to any one or more of the aforesaid activities included in its total income of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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