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TMI BlogFirst ScheduleX X X X Extracts X X X X X X X X Extracts X X X X ..... -Paragraph or section 112 shall, - (i) in the case of every individual or Hindu undivided family or association or of persons or body of individuals referred to in section 88 having a total income exceeding one hundred thousand rupees, be reduced by the amount of rebate of income-tax calculated under that section, and the income-tax as so reduced; (ii) in the case of every person, other than those mentioned in item (i), having a total income exceeding one hundred thousand rupees, be increased by a surcharge for purposes of the Union calculated at the rate of twelve per cent. of such income-tax : Provided that no such surcharge shall be payable by a non-resident. 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, 1993, exceeds Rs. 28,000, - 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. 1,00,000 30 per cent. of the amount by which the total income exceeds Rs. 18,000; (3) where the total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - 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 45 per cent. of the total income; (2) where the company is not a company in which the public are substantially interested 50 per cent. of the total income; II. In the case of a company other than a domestic company, - (i) on so much of the total income as consists of - (a) royalties received from 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, 1961, but before the 1st day April, 1976, or (b) fees for rendering 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 65 per cent. Surcharge on income-tax The amount of income-tax computed in accordance with the provisions of this Paragraph or section 112 shall, in the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s from lotteries and crossword puzzles 40 per cent.; (C) on income by way of winnings from horse races 40 per cent.; (D) on income by way of long-term capital gains, - (1) in the case of individuals and Hindu undivided families 20 per cent.; (2) in any other case [except a company referred to in sub-item (b) of item 2] 30 per cent.; (E) on the whole of the other income income-tax at 30 per cent. of the amount of income or 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. 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.; (ii) on income by way of winnings from lotteries and crossword puzzles 40 per cent.; (iii) on income by way of winnings from horse races 40 per cent.; (iv) on any other income (excluding interest payable on tax-free security) 21.5 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.; (ii) o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payable on a tax-free security 44 per cent.; (ix) on income by way of long-term capital Gains 40 per cent.; (x) on any other income 65 per cent. Explanation : For the purposes of item 1(b)(i) of this Part, "investment income" and "non-resident" shall have the meanings assigned to them in Chapter XII-A of the Income-tax Act. Surcharge on income-tax The amount of income-tax deducted in accordance with the provisions of - (a) sub-item (a) of item 1 of this Part shall be increased by a surcharge for purposes of the Union calculated at the rate of twelve per cent. of such income-tax, and (b) sub-item (a) of item 2 of this Part shall be increased by a surcharge, calculated at the rate of fifteen per cent. of such income-tax. PART III RATES FOR CALCULATING OR CHARGING INCOME-TAX IN CERTAIN CASES, DEDUCTING INCOME-TAX FROM INCOME CHARGEABLE UNDER THE HEAD "SALARIES" AND COMPUTING "ADVANCE TAX" In cases in which income-tax has to be calculated under the first proviso to sub-section (5) of section 132 of the Income-tax Act or charged under sub-section (4) of section 172 or sub-section (2)of section 174 or section 175 or sub-section (2) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... culated at the rate of twelve per cent. of such income-tax : Provided that no such surcharge shall be payable by a non-resident. 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, 1994, exceeds Rs. 30,000, - 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. 1,00,000 30 per cent. of the amount by which the total income exceeds Rs. 18,000; (3) where the total income exceeds Rs. 1,00,000 Rs. 24,600 plus 40 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-Paragraph or section 112 shall, in the case of every person having a total income exceeding one hundred thousand rupees, be reduced by the amount of rebate of income-tax calculated under Chapter VIII-A and the income-tax as so reduced, be increased by a surcharge for purposes of the Union calculated at the rate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment or the Indian concern after the 31st day of March, 1961, but before the 1st day of April, 1976, or (b) fees for rendering 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 29 the 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 65 per cent. Surcharge on income-tax The amount of income-tax computed in accordance with the provisions of this Paragraph or section 112 shall, in the case of every domestic company having a total income exceeding seventy-five thousand rupees, be increased by a surcharge calculated at the rate of fifteen per cent. of such income-tax. PART IV [See section 2(9)(d)] RULES FOR COMPUTATION OF NET AGRICULTURAL INCOME Rule 1 - Agricultural income of the nature referred to in sub-clause (a) of clause (1A) of section 2 of the Income-tax Act shall be computed as if it were income chargeable to income-tax under that Act under the head "Income from other sources" and the provisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ural income or loss of the association or body shall be computed in accordance with these 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 6 - 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 member of an association of persons or a body of individuals and the share of the assessee in the agricultural income of the 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 7 - 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 8 - (1) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 1993, any agricultural income and the net result of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, 1990, or the 1st day of April, 1991, or the 1st day of April, 1992, (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1990, 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, 1991, or the 1st day of April, 1992, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1991, 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, 1992, and (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1992, 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, 1993. (2) Where the assessee has, in the previous year rel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt year commencing on the 1st day of April, 1990, or the 1st day of April, 1991, or the 1st day of April, 1992, or the 1st day of April, 1993, (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1990, 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, 1991, or the 1st day of April, 1992, or the 1st day of April, 1993, (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1991, 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, 1992, or the 1st day of April, 1993, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1992, 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, 1993, and (viii) the loss so computed for the prev ..... 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