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TMI BlogFirst ScheduleX X X X Extracts X X X X X X X X Extracts X X X X ..... t does not exceed Rs. 25,000 Rs. 2,230 plus 30 per 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. 3,730 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. 5,730 plus 50 per cent. of the 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. 15,730 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. 27,730 plus 70 per cent. of the amount by which the total income exceeds Rs. 70,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Sub-Paragraph shall be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent. of such income-tax. Sub-Paragraph II In the case of every Hindu undivided family which at any time during the previous year has at least one member whose total income of the previous year relevant to the assessment year commenci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l; (2) where the total income exceeds Rs. 10,000 but does not exceed Rs. 25,000 5 per cent. of the amount by which the total income exceeds Rs. 10,000; (3) where the total income exceeds Rs. 25,000 but does not exceed Rs. 50,000 Rs. 750 plus 7 per cent. of the amount by which the total income exceeds Rs. 25,000; (4) where the total income exceeds Rs. 50,000 but does not exceed Rs. 1,00,000 Rs. 2,500 plus 15 per cent. of the amount by which the total income exceeds Rs. 50,000; (5) where the total income exceeds Rs. 1,00,000 Rs. 10,000 plus 24 per cent. of the amount by which the total income exceeds Rs. 1,00,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Sub-Paragraph shall be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent. of such income-tax. Sub-Paragraph II In the case of every 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, - Rates of Income-Tax (1) where the total income does not exceed Rs. 10,000 Nil; (2) where the total income exceeds Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... total income does not exceed Rs. 1,00,000 45 per cent. of the total income; (ii) in a case where the total income exceeds Rs. 1,00,000 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. 2,00,000 55 per cent.; (b) on the balance, if any, of the total income 60 per cent.; (ii) in any other case 65 per cent. of the total income : 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 is exceeds Rs. 1,00,000, 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. 1,00,000 (the income of Rs. 1,00,000 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) eighty per cent. of the amount by which its total income exceeds Rs. 1,00,000. II. In the case of a company other than a domestic company- (i) on so much of the total income as consists of- (a) roy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt. (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. 2.5 per cent.; (iii) 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. 2.5 per cent; (iv) on the income by way of interest payable on a tax free security 44 per cent. 2.2 per cent ; (vi) on any other income 70 per cent. 3.5 per cent. 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 charged under sub-section (4) of section 172 or sub-section (2) of section 174 or section 175 or sub-section (2) of section 176 of the said Act or deducted u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e-tax The amount of income-tax computed in accordance with the preceding provisions of this Sub-Paragraph shall be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent. of such income-tax. Sub-Paragraph II In the case of every Hindu undivided family which at any time during the previous year has at least one member whose total income of the previous year relevant to the assessment year commencing on the 1st day of April, 1976 exceeds Rs. 6,000, - Rates of Income-Tax (1) where the total income does not exceed Rs. 6,000 Nil; (2) where the total income exceeds Rs. 6,000 but does not exceed Rs. 10,000 15 per cent. of the amount by which the total income exceeds Rs. 6,000; (3) where the total income exceeds Rs. 10,000 but does not exceed Rs. 15,000 Rs. 600 plus 20 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. 1,600 plus 30 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. 3,100 plus 40 per cent. of the amount by which the total income exceeds Rs. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by a surcharge for purposes of the Union calculated at the rate of ten per cent. of such income-tax. Sub-Paragraph II In the case of every 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, - Rates of Income-Tax (1) where the total income does not exceed Rs. 10,000 Nil; (2) where the total income exceeds Rs. 10,000 but does not exceed Rs. 25,000 4 per cent. of the amount by which the total income exceeds Rs. 10,000; (3) where the total income exceeds Rs. 25,000 but does not exceed Rs. 50,000 Rs. 600 plus 7 per cent. of the amount by which the total income exceeds Rs. 25,000; (4) where the total income exceeds Rs. 50,000 but does not exceed Rs. 1,00,000 Rs. 2,350 plus 13 per cent. of the amount by which the total income exceeds Rs. 50,000; (5) where the total income exceeds Rs. 1,00,000 Rs. 8,850 plus 22 per cent. of the amount by which the total income exceeds Rs. 1,00,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Sub-Paragraph shall be increased by a surcharge for purposes of the Union ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the company if its total income had been Rs. 1,00,000 (the income of Rs. 1,00,000 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) eighty per cent. of the amount by which its total income exceeds Rs. 1,00,000. 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. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph shall be increased by a surcharge calculated at the rate of five per cent. of such income-tax. PART IV [See section 2(8)(e)] RULES FOR COMPUTATION OF NET AGRICULTUR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e regarded as the agricultural income of the assessee. Rule 5 - Where the assessee is a partner of a registered firm or an unregistered firm assessed as a registered firm under clause (b) of section 183 of the Income-tax Act, which in the previous year has any agricultural income, or is a partner of an unregistered firm which has not been assessed as a registered firm under clause (b) of the said section 183 and which in the previous year has either no income chargeable to tax under the Income-tax Act or has total income not exceeding the maximum amount not chargeable to tax in the case of an unregistered firm but has any agricultural income, then, the agricultural income or loss of the firm shall be computed in accordance with these rules and his share in the agricultural income or loss of the firm shall be computed in the manner laid down in sub-section (1), sub-section (2) and sub-section (3) of section 67 of the Income-tax Act and the share so computed shall be regarded as the agricultural income or loss of the assessee. Rule 6 - Where the assessee is a member of an association of persons or a body of individuals (other than a Hindu undivided family, a company or a firm) which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ral income and the net result of the computation of the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 1974, or the 1st day of April, 1975, or both, is a loss, then, for the purposes of sub-section (7) of section 2 of this Act, - (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1974, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1975, and (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1975, shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 1976 or the period aforesaid. (3) Where a change has occurred in the constitution of a firm, nothing in sub-rule (1) or sub-rule (2) shall entitle the firm to set off so much of the loss proportionate to the share of a retired or deceased partner computed in the manner laid down in sub-section (1), sub-sec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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