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TMI BlogIncome-TaxX X X X Extracts X X X X X X X X Extracts X X X X ..... , where the assessee has, in the previous year, any net agricultural income exceeding six hundred rupees, in addition to total income, and the total income exceeds, - (i) in a case to which the said Sub-Paragraph I applies, fifteen thousand rupees, and (ii) in a case to which the said Sub-Paragraph II applies, twelve 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, - (i) in a case to which the said Sub-Paragraph I applies, the first fifteen thousand rupees, and (ii) in a case to which the said Sub-Paragraph II applies, the first eight thousand rupees, of the total income but wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ub-clause, the provisions of clause (ii) of the proviso below the said Sub-Paragraph II and the provisions relating to surcharge on income-tax in the said Sub-Paragraph II shall not apply; (iii) the amount of income-tax determined in accordance with sub-clause (i) shall be reduced by amount of income-tax determined in accordance with sub-clause (ii) : Provided that in a case referred to in the said Sub-Paragraph II, where the sum so arrived at exceeds sixty per cent. of the amount by which the total income exceeds twelve thousand rupees, the excess shall be disregarded; (iv) the amount of income-tax determined in accordance with sub-clause (iii) shall be increased by a surcharge for purposes of the Union calculated at the rate of ten per ce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deducted or computed at the rate or rates specified in Part III of the First Schedule : Provided that in cases to which the provisions of Chapter XII or section 164 or section 164A or section 167A of the Income-tax Act apply, advance tax shall be computed with reference to the rates imposed by this sub-section or the rates as specified in that Chapter or section, as the case may be. (6) In the cases 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 previous year or, if by virtue of any provisions of the Income-tax Act, income-tax is to be charged in respect of the income of a period other than the previous year, in such other period, any net agricultural in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in Sub-Paragraph I or, as the case may be, Sub-Paragraph II of the said Paragraph A, as if such aggregate income were the total income : Provided that in a case referred to in the said Sub-Paragraph II, for the purposes of determining the amount of income-tax or advance tax in accordance with this sub-clause, the provisions of clause (ii) of the proviso below the said Sub-Paragraph II and the provisions relating to surcharge on income-tax in the said Sub-Paragraph II shall not apply; (ii) the net agricultural income shall be increased, - (A) in a case to which the said Sub-Paragraph I applies, by a sum of fifteen thousand rupees; and (B) in a case to which the said Sub-Paragraph II applies, by a sum of eight thousand rupees, and the amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ule, - (a) company in which the public are substantially interested means a company which is such a company as is referred to in section 108 of the Income-tax Act; (b) domestic company means an Indian company, or any other company which, in respect of its income liable to income-tax under the Income-tax Act for the assessment year commencing on the 1st day of April, 1982, has made the prescribed arrangements for the declaration and payment within India of the dividends (including 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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