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TMI BlogIncome-TaxX X X X Extracts X X X X X X X X Extracts X X X X ..... ies, where the assessee has, in the previous year, any net agricultural income exceeding six hundred rupees, in additional to total income, and the total income exceeds, - (i) in a case to which said Sub-Paragraph I applies, eighteen 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 eighteen thousand rupees, and (ii) in a case to which the Sub-Paragraph II applies, the first twelve thousand rupees, of the total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion calculated at the rate of eight per cent. of such income-tax and the sum so arrived at shall be the income-tax in respect of the total income. (3) In cases to which the provisions of Chapter XII or Chapter XII-A or sub-section (1A) of section 161 or section 164 or section 164A or section 167B 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 : Provided that in respect of any income chargeable to tax under section 115B or section 115BB of the Income-tax Act, the income-tax compu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 172 or sub-section (2) of section 174 or section 175 or sub-section (2) of section 176 of the said Act or deducted under section 192 of the said Act from income chargeable under the head "Salaries" or in which 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" shall be so calculated, charged, deducted or computed at the rate or rates specified in Part III of the First Schedule and such tax as reduced by the rebate of income-tax calculated under Chapter VIII-A 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; an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection (5) of section 132 of the Income-tax Act or in charging income-tax under sub-section (2) of section 174 or section 175 or sub-section (2) of section 176 of the said Act or in computing the "advance tax" payable under Chapter XVII-C of the said Act, at the rate or rates in force, - (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 twenty-two thousand rupees, and (ii) in a case to which the said Sub-Paragraph II applies, the first twelve thousand rupees, of the total income but without being liable to tax], only ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se may be, "advance tax" in respect of the total income : Provided that the amount of income-tax or "advance tax" so arrived at shall, in the case of every person having a total income exceeding seventy-five thousand rupees, be increased by a surcharge for purposes of the Union calculated at the rate of eight per cent. of such income-tax or, as the case may be, "advance tax" and the sum so arrived at shall be the income-tax or, as the case may be, "advance tax" in respect of the total income. (9) For the purposes of this section and the First Schedule, - (a) "company in which the public are substantially interested" means a company within the meaning of clause (18) of section 2 of the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; (f) "tax-free security" means any security of the Central Government issued or declared to be income-tax free, or any security of a State Government issued income-tax free, the income-tax whereon is payable by the State Government; (g) "trading company" means a company whose business consists mainly in dealing in goods or merchandise manufactured, produced or processed by a person other than that company and whose income attributable to such business included in its gross total income (as defined in section 80B of the Income-tax Act) is not less than fifty-one per cent. of the amount of such gross total income; (h) all other words and expressions used in this section or in the First Schedule but not defined in th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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