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TMI BlogIncome-taxX X X X Extracts X X X X X X X X Extracts X X X X ..... on the 1st day of April, 1977, income-tax shall be charged at the rates specified in Part I of the First Schedule and shall be increased, - (a) in the cases to which Paragraphs A, B, C and D of that Part apply, by a surcharge for purposes of the Union; and (b) in the cases to which Paragraph E of that Part applies, by a surcharge, calculated in each case in the manner provided therein : Provided that where an assessee, being a company, has made, during the financial year commencing on the 1st day of April, 1976, any deposit with the Industrial Development Bank of India established under the Industrial Development Bank of India Act, 1964 (18 of 1964), under the Companies Deposits (Surcharge on Income-tax) Scheme, 1976, then, the surcharge o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... substituted namely :- Paragraph A Sub-Paragraph I 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 Sub-Paragraph II of this Paragraph or any other Paragraph of this Part applies, - RATES OF INCOME-TAX (1) where the total income does not exceed Rs. 8,000 Nil; (2) where the total income exceeds Rs. 8,000 but does not exceed Rs. 15,000 15 per cent. of the amount by which the total income exceeds Rs. 8,000; (3) where the total income exceeds Rs. 15,000 but does not exceed Rs. 20,000 Rs. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cing on the 1st day of April, 1977, exceeds Rs. 8,000, - Rates of Income-tax (1) where the total income does not exceed Rs. 8,000 Nil; (2) where the total income exceeds Rs. 8,000 but does not exceed Rs. 15,000 18 per cent. of the amount by which the total income exceeds Rs. 8,000; (3) where the total income exceeds Rs. 15,000 but does not exceed Rs. 20,000 Rs. 1,260 plus 25 per cent. of the amount by which the total income exceeds Rs. 15,000; (4) where the total income exceeds Rs. 20,000 but does not exceed Rs. 25,000 Rs. 2,510 plus 30 per cent. of the amount by which the total income exceeds Rs. 20,000; (5) where the total income exceeds Rs. 25,000 but does not exceed Rs. 30,000 Rs. 4,010 plus 40 per cent. of the amount by which the total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aph A, for the figures 1977 , the figures 1978 shall be substituted; (iii) in Part IV, in rule 9, - (a) for sub-rules (1) and (2), the following sub-rules shall be substituted, namely :- (1) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 1977, any agricultural income and the net result of the computation of the agricultural income of the assessee for any one or more of the previous years relevant to the assessment years commencing on the 1st day of April, 1974, or the 1st day of April, 1975, or the 1st day of April, 1976, is a loss, then, for the purposes of sub-section (2) of section 2 of this Act, - (i) the loss so computed for the previous year relevant to the assessment y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs commencing on the 1st day of April, 1974, or the 1st day of April, 1975, or the 1st day of April, 1976, or the 1st day of April, 1977, 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, or the 1st day of April, 1976, or the 1st day of April, 1977, (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1975, to the extent, if any, such loss has not bee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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