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TMI BlogFirst ScheduleX X X X Extracts X X X X X X X X Extracts X X X X ..... but does not exceed Rs. 30,000 Rs. 3,200 plus 30 per cent. of the amount by which the total income exceeds Rs. 25,000; (6) where the total income exceeds Rs. 30,000 but does not exceed Rs. 50,000 Rs. 4,700 plus 40 per cent. of the amount by which the total income exceeds Rs. 30,000; (7) where the total income exceeds Rs. 50,000 but does not exceed Rs. 70,000 Rs. 12,700 plus 50 per cent. of the amount by which the total income exceeds Rs. 50,000; (8) where the total income exceeds Rs. 70,000 but does not exceed Rs. 1,00,000 Rs. 22,700 plus 55 per cent. of the amount by which the total income exceeds Rs. 70,000; (9) where the total income exceeds Rs. 1,00,000 Rs. 39,200 plus 60 per cent. of the amount by which the total income exceeds Rs. 1,00,000 : Provided that for the purposes of this Sub-Paragraph, - (i) on income-tax shall be payable on a total income not exceeding Rs. 12,000; (ii) where the total income exceeds Rs. 12,000 but does not exceed Rs. 16,250, the income-tax payable thereon shall not exceed thirty per cent. of the amount by which the total income exceeds Rs. 12,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the total income exceeds Rs. 20,000; 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 for purposes of the Union calculated at the rate of ten per cent. of such income-tax. Paragraph C Sub-Paragraph I In the case of every registered firm, not being a case to which Sub-Paragraph II of this Paragraph applies, - 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 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 precedin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the total income; (b) where the total income exceeds Rs. 2,00,000 60 per cent. of the total income; (ii) in any other case 65 per cent. of the total income : Provided that (i) the income-tax payable by a domestic company, being a company in which the public are substantially interested, the total income of which 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) the income-tax payable by a domestic company, not being a company in which the public are substantially interested, which is an industrial company and the total income of which exceeds Rs. 2,00,000, 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. 2,00,000, (the income of Rs. 2,00,000 for this purpose being computed as if such income included income from various sour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding interest payable on a tax-free security) 20 per cent. 2 per cent.; (b) where the person is not resident in India - (i) on the whole, income (excluding interest payable on a tax-free security) income-tax at 30 per cent. and surcharge at 3 per cent. of the amount of the income, or income-tax and surcharge on income-tax in respect of the income at the rates prescribed in Sub-Paragraph I of Paragraph A of Part III of this Schedule, if such income had been the total income, whichever is higher; (ii) on income by way of interest payable on a tax-free security 15 per cent. 1.5 per cent. 2. In the case of a company - (a) where the company is a domestic company - (i) on income by way of interest other than Interest on securities 20 per cent. 0.5 per cent.; (ii) on any other income (excluding interest payable on a tax-free security) 21.5 per cent. 0.5 per cent.; (b) where the company is not a domestic company - (i) on income by way of dividends payable by any domestic company 25 per cent. Nil; (ii) on income by way of royalty payable by an Indian concern in pursuance of an agreement made by it with the Indian concern after the 31st day of March, 1976, where such royalty is in considerat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich the advance tax payable under Chapter XVII-C of the said Act has to be computed, at the rate or rates in force, such income-tax or, as the case may be, advance tax (not being advance tax in respect of any income chargeable to tax under Chapter XII or section 164 or section 164A or section 167A of the Income-tax Act at the rates as specified in that Chapter or section), shall be so calculated, charged, deducted or computed at the following rate or rates :- 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. 15,000 Nil; (2) where the total income exceeds Rs. 15,000 but does not exceed Rs. 25,000 30 per cent. of the amount by which the total income exceeds Rs. 15,000; (3) where the total income exceeds Rs. 25,000 but does not exceed Rs. 30,000 Rs. 3,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income exceeds Rs. 12,000 but does not exceed Rs. 17,610; the income-tax payable thereon shall not exceed forty per cent. of the amount by which the total income exceeds Rs. 12,000. 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. Paragraph B In the case of every co-operative society, - Rates of income-tax (1) where the total income 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. 10,000; (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 in accordance with the preceding provisions of this Paragraph shall be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent. of such income-tax. Paragraph C Sub-Paragraph I In the case of every registered firm, not being a c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of income-tax On the whole of the total income 50 per cent. 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 ten per cent. of such income-tax. Paragraph E In the case of a company, - Rates of income-tax I. In the case of a 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. 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) where the total income does not exceed Rs. 2,00,000 55 per cent. of the total income; (b) where the total income exceeds Rs. 2,00,000 60 per cent. of the total income; (ii) in any other case 65 per cent. of the total income ; Provided that - (i) the income-tax payable by a domestic company, being a company in which the public are substantially interested, the total income of which exceeds Rs. 1,00,000, sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... modification that the reference to section 40A therein shall be construed as not including a reference to sub-sections (3) and (4) of section 40A. Rule 2 - Agricultural income of the nature referred to in sub-clause (b) or sub-clause (c) of clause (1) of section 2 of the Income-tax Act [other than income derived from any building required as a dwelling house by the receiver of the rent or revenue or the cultivator or the receiver of rent-in-kind referred to in the said sub-clause (c)] shall be computed as if it were income chargeable to income-tax under that Act under the head Profits and gains of business or profession and the provisions of sections 30, 31, 32, 34, 36, 37, 38, 40, 40A [other than sub-sections (3) and (4) thereof], 41, 43 and 43A of the Income-tax Act shall, so far as may be, apply accordingly. Rule 3 - Agricultural income of the nature referred to in sub-clause (c) of clause (1) of section 2 of the Income-tax Act, being income derived from any building required as a dwelling house by the receiver of the rent or revenue or the cultivator or the receiver of rent-in-kind referred to in the said sub-clause (c) shall be computed as if it were income chargeable to inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hese rules and the share of the assessee in the agricultural income or loss so computed shall be regarded as the agricultural income or loss of the assessee. Rule 7 - Where the result of the computation for the previous year in respect of any source of agricultural income is a loss, such loss shall be set off against the income of the assessee, if any, for that previous year from any other source of agricultural income : Provided that where the assessee is a partner of an unregistered firm which has not been assessed as a registered firm under clause (b) of section 183 of the Income-tax Act or is a member of an association of persons or a body of individuals and the share of the assessee in the agricultural income of the firm, association or body, as the case may be, is a loss, such loss shall not be set off against any income of the assessee from any other source of agricultural income. Rule 8 - Any sum payable by the assessee on account of any tax levied by the State Government on the agricultural income shall be deducted in computing the agricultural income. Rule 9 - (1) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of Apr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the 1st day of April, 1979 or the 1st day of April, 1980, (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1979, 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, 1980, and (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1980, 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, 1981. (2) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 1982 or, if by virtue of any provision of the Income-tax Act, income-tax is to be charged in respect of the income of a period other than that previous year, in such other period, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uted for the previous year relevant to the assessment year commencing on the 1st April, 1979, 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, 1980 or the 1st day of April, 1981, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1980, 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, 1981, and (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1981, 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, 1982, 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-se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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