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TMI BlogFirst ScheduleX X X X Extracts X X X X X X X X Extracts X X X X ..... 0 but does not exceed Rs. 40,000 Rs. 3,750 plus 35 per cent. of the amount by which the total income exceeds Rs. 30,000; (6) where the total income exceeds Rs. 40,000 but does not exceed Rs. 50,000 Rs. 7,250 plus 40 per cent. of the amount by which the total income exceeds Rs 40,000; (7) where the total income exceeds Rs. 50,000 but does not exceed Rs. 70,000 Rs. 11,250 plus 45 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 20,250 plus 50 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. 35,250 plus 55 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 Part graph shall be increased by a surcharge for purposes of the Union calculated date at the rate of twelve and a half 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome-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 Re. 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 twelve and a half per cent. of such income-tax. Sub-Paragraph II In the case of every registered firm whose total income includes income derived f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... endering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, 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 II Rates for deduction of tax at source in certain cases In every case in which under the provisions of sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income-tax Act, tax is to be deducted at the rates in force, deduction shall be made from the income subject to deduction at the following rates; Income-tax Rate of income-tax Rate of surcharge 1. In the case of a. person other than a company (a) where the person is resident in India (i) on income by way of interest other than Interest on securities 10 per cent. Nil; (ii) on income by way of winnings from lotteries 25 pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1976, where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the proviso to sub-section (iA) of section 115A of the Income-tax Act, to the Indian concern 40 per cent Nil; (iv) on income by way of royalty [not being royalty of the nature referred to in sub-item (b)(iii)] payable .by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and which has been approved by the Central Government (A) where the agreement is made after the 31st day of March, 1961 but before the 1st day of April, 1976 50per cent. 2.5 per cent.; (B) where the agreement is made after the 31st day of March, 1976 (1) on so much of the amount of such income as consists of lump sum consideration for the transfer outside India of, or the imparting of information outside India in respect of, any data, documentation drawing or specification relating to any patent, invention, model, de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erson 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. 18,000 Nil; (2) where the total income exceeds. Rs. 18,000 but does not exceed Rs. 25,000 25 per cent. of the amount by which the total income exceeds Rs. 18,000; (3) where the total income exceeds Rs. 25,000 but does not exceed Rs. 50,000 Rs. 1,750 plus 30 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. 9,250 plus 40 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. 29,250 plus 50 per cent. of the amount by which the total income exceeds Rs. 1,00,000. 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, 1986 exceeds Rs. 18,000 Rates of income-tax (1) where the total inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eed 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. Explanation For the purposes of this Paragraph, registered firm includes an unregistered firm assessed as a registered firm under clause (b) of section 183 of the Income-tax Act. Paragraph D In the case of every local authority, Rate of income-tax On the whole of the total income 50 per cent. 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 50 per cent. of the total income; (2) where the company is not a -company in which the pub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -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 (2) 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 income-tax under that Act under the head Income from house property and the provisions of sections 23 to 27 of that Act shall, so far as may be, apply accordingly: Provided that sub-section (2) of the said section 23 shall apply subject to the modifications that the references to total income therein shall be construed as references to net agricultural income and that the words, figures and letter and before making any deduction under Chapter VIA shall be omitted. Rule 4 . Notwithstanding anything contained in any other provisions of these rules, in a case where the assessee derives income from sale of tea grown and manufactured by him in India, such income shall be computed in accordance with rule 8 of the Income-tax Rules, 1962, and sixty per cent. of such income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 April, 1985, 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, 1977 or the 1st day of April, 1978 or the 1st day of April, 1979 or the 1st day of April, 1980 or the 1st day of April, 1981 or the 1st day of April, .1982 or the 1st day of April, 1983 or the 1st day of April, 1984, 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 year commencing on the 1st day of April, 1977, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1984, and (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1984, 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, 1985. (2) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 1986 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, 1978 or the 1st day of April, 1979 or the 1st day of April, 1980 or the 1st day of April, 1981 or the 1st day of April, 1982 or the 1st day of April, 1983 or the 1st day of April, 1984 or the 1st day of April, 1985, is a loss, then, for the purposes of sub-section (6) of section 2 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng on the 1st day of April, 1984 or the 1st day of April, 1985. (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1984, 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, 1985, and (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1985. 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, 1986 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), subsection (2) and sub-section (3) of section 67 of the Income-tax Act as exceeds his share of profits, if any, of the previous year in the firm, or entitle any partner to the benefit of any portion of the said loss (computed in the manner aforesai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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