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TMI BlogIncome-taxX X X X Extracts X X X X X X X X Extracts X X X X ..... dule applies, where the assessee has, in the previous year, any net agricultural income, in addition to total income, and the total income exceeds 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 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 aggreg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he company on its total income. (4) In cases to which the provisions of Chapter XII or section 164 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act), apply, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the amount of surcharge on income-tax payable by it shall be nil; (ii) in a case where the amount of the deposit so made falls short of the amount of surcharge on income-tax payable by it, the amount of surcharge on income-tax payable by it shall stand reduced by the amount of the deposit; and (iii) any order made by the Income-tax Officer under section 210 of the Income-tax Act and the notice of demand issued in pursuance thereof shall have effect as if the amount of surcharge on income-tax specified therein had been reduced to nil or, as the case may be, by the amount of the deposit. (7) In the case to which Sub-Paragraph I or Sub-Paragraph II of Paragraph A of Part III of the First Schedule applies, where the assessee has in the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said Paragraph A, as if such aggregate income were the total income; (ii) the net agricultural income shall be increased by a sum of eight thousand rupees and the amount of income-tax or "advance tax" shall be determined in respect of the net agricultural income as so increased at the rates specified in Sub-Paragraph I or, as the case may be, Sub-Paragraph II of the said Paragraph A, as if the net agricultural income as so increased were the total income; (iii) the amount by which income-tax or, as the case may be, "advance tax" determined in accordance with sub-clause (i) exceeds the amount of income-tax or, "advance tax" determined in accordance with sub-clause (ii) shall be the income-tax or "adva ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance 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 proceeding of goods or in mining, if the income attributable to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction u ..... X X X X Extracts X X X X X X X X Extracts X X X X
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