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TMI BlogTHE FIRST SCHEDULEX X X X Extracts X X X X X X X X Extracts X X X X ..... e of sixty years or more but less than eighty years at any time during the previous year,-- Rates of income-tax (1) where the total income does not exceed Rs. 3,00,000 Nil; (2) where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 5 per cent. of the amount by which the total income exceeds Rs. 3,00,000; (3) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs.10,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; (4) where the total income exceeds Rs. 10,00,000 Rs. 1,10,000 plus 30 per cent. of the amount by which the total income exceeds Rs.10,00,000. (III) In the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year,-- Rates of income-tax (1) where the total income does not exceed Rs. 5,00,000 Nil; (2) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; (3) where the total income exceeds Rs. 10,00,000 Rs. 1,00,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 10,00,000. Surcharge ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... having total income exceeding,-- (a) fifty lakh rupees but not exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees; (b) one crore rupees but does not exceed two crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees; (c) two crore rupees but does not exceed five crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of two crore rupees by more than the amount of income that exceeds two crore rupees; (d) five crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of five crore rupees by more than the amount of income that exceeds five crore rupees. Para ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph D In the case of every local authority,-- Rate of income-tax On the whole of the total income 30 per cent. Surcharge on income-tax The amount of income-tax computed as per the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Income-tax Act, shall, in the case of every local authority, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax: Provided that in the case of every local authority mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph E In the case of a company,-- Rates of income-tax I. In the case of a domestic company,-- (i) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the total amount payable as income-tax and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees. PART II RATES FOR DEDUCTION OF TAX AT SOURCE IN CERTAIN CASES In every case in which under the provisions of sections 193, 194A, 194B, 194BA, 194BB, 194D, 194LBA, 194LBB, 194LBC 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 the deduction at the following rates:-- 1. In the case of a person other than a company-- Rate of income-tax (a) where the person is resident in India-- (i) on income by way of interest other than "Interest on securities" 10 per cent.; (ii) on income by way of winnings from lotteries, puzzles, card games and other games of any sort (other than winnings from online games) 30 per cent.; (iii) on income by way of winnings from horse races 30 per cent.; (iv) on income by way of net winnings from online games 30 per cent.; (v) on income by way of insurance Commission 2 per cent.; (vi) on income by way of interest payable on-- 10 per cent.; (A) any debentures or securities for money issued by or on behalf of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the time being in force, of the Government of India, the agreement is in accordance with that policy 20 per cent.; (I) on income by way of fees for technical services payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy 20 per cent.; (J) on income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort (other than winnings from online games) 30 per cent.; (K) on income by way of winnings from horse races 30 per cent.; (L) on income by way of net winnings from online games 30 per cent.; (M) on the income by way of dividend, referred to in the proviso to sub-clause (A) of clause (a) of sub-section (1) of section 115A 10 per cent.; (N) on income by way of dividend other than the income referred to in sub-item (b)(i)(M) 20 per cent.; (O) on the whole of the other Income 30 per cent.; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (c) of subsection (1) of section 112 12.5 per cent.; (J) on income by way of long-term capital gains referred to in section 112A exceeding one lakh twenty-five thousand rupees 12.5 per cent., (K) on income by way of other long-term capital gains [not being long-term capital gains referred to in clauses (33) and (36) of section 10], 12.5 per cent., (L) on income by way of dividend, referred to in the proviso to sub-clause (A) of clause (a) of sub-section (1) of section 115A 10 per cent.; (M) on income by way of dividend other than the income referred to in sub-item (b)(ii)(L) 20 per cent.; (N) on the whole of the other Income 30 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" 10 per cent.; (ii) on income by way of winnings from lotteries, puzzles, card games and other games of any sort (other than winnings from online games) 30 per cent.; (iii) on income by way of winnings from horse races 30 per cent.; (iv) on income by way of net winnings from online games 30 per cent.; (v) on any other income 10 per cent.; (b) where the company is not a dome ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is made after the 29th February, 1964 but before the 1st April, 1976 50 per cent.; (B) where the agreement is made after the 31st March, 1976 20 per cent.; (viii) on income by way of short-term capital gains referred to in section 111A 20 per cent.; (ix) on income by way of long-term capital gains referred to in subclause (iii) of clause (c) of subsection (1) of section 112 12.5 per cent.; (x) on income by way of long-term capital gains referred to in section 112A exceeding one lakh twenty-five thousand rupees 12.5 per cent., (xi) on income by way of other long-term capital gains [not being long-term capital gains referred to in clauses (33) and (36) of section 10] 12.5 per cent.; (xii) on income by way of dividend, referred to in the proviso to sub-clause (A) of clause (a) of subsection (1) of section 115A 10 per cent.; (xiii) on income by way of dividend other than the income referred to in item (b)(xii) 20 per cent.; (xiv) on any other income 35 per cent. Explanation.--For the purposes of item 1(b)(i) of this Part, "investment income" and "non-resident Indian" shall have the meanings respectively assigned to them in Chapter XII-A of the Income-tax Act. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions of sections 111A, 112 and 112A of the Income-tax Act, the rate of surcharge on the amount of Income-tax deducted in respect of that part of income shall not exceed fifteen per cent.: Provided further that where the income of such person is chargeable to tax under sub-section (1A) of section 115BAC of the Income-tax Act, the rate of surcharge shall not exceed twenty-five per cent.; (b) in the case of every co-operative society, being a non-resident, calculated,-- I. at the rate of seven per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees but does not exceed ten crore rupees; II. at the rate of twelve per cent. where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds ten crore rupees; (c) in the case of an association of persons being a non-resident, and consisting of only companies as its members, calculated,-- I. at the rate of ten per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds fifty lakh rupees but does not exceed one cror ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 115BBC or section 115BBE or section 115BBF or section 115BBG or section 115BBH or section 115BBI or section 115BBJ or section 115E or section 115JB or section 115JC] shall be charged, deducted or computed at the following rate or rates:-- Paragraph A (I) In the case of every individual other than the individual referred to in items (II) and (III) of this Paragraph or Hindu undivided family or 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 any other Paragraph of this Part applies,-- Rates of income-tax (1) where the total income does not exceed Rs. 2,50,000 Nil; (2) where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 5 per cent. of the amount by which the total income exceeds Rs. 2,50,000; (3) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 12,500 plus 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; (4) where the total income exceeds Rs. 10,00,000 Rs. 1,12,500 plus 30 per cent. of the amount by which the tota ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income-tax; (c) having a total income (excluding the income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Income-tax Act) exceeding two crore rupees but not exceeding five crore rupees, at the rate of twenty-five per cent. of such income-tax; (d) having a total income (excluding the income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Income-tax Act) exceeding five crore rupees, at the rate of thirty-seven per cent. of such income-tax; and (e) having a total income (including the income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Income-tax Act) exceeding two crore rupees, but is not covered under clauses (c) and (d), shall be applicable at the rate of fifteen per cent. of such income-tax: Provided that in case where the total income includes any income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Income-tax Act, the rate of surcharge on the amount of Income-tax computed in respect of that part of income shall not exceed fifteen per cent.: Provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... total income exceeding ten crore rupees, at the rate of twelve per cent. of such income-tax: Provided that in the case of every co-operative society having total income exceeding one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided further that in the case of every co-operative society having total income exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees. Paragraph C In the case of every firm,-- Rate of income-tax On the whole of the total income 30 per cent. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Income-tax Act, shall, in the case of every firm, having a total income exceed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt; (ii) on the balance, if any, of the total income 35 per cent Surcharge on income-tax The amount of income-tax computed as per the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Income-tax Act, shall, be increased by a surcharge for the purposes of the Union, calculated,-- (i) in the case of every domestic company,-- (a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of seven per cent. of such income-tax; and (b) having a total income exceeding ten crore rupees, at the rate of twelve per cent. of such income-tax; (ii) in the case of every company other than a domestic company,-- (a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of two per cent. of such income-tax; and (b) having a total income exceeding ten crore rupees, at the rate of five per cent. of such income-tax: Provided that in the case of every company having a total income exceeding one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other provisions of these rules, in a case-- (a) where the assessee derives income from sale of tea grown and manufactured by him in India, such income shall be computed as per rule 8 of the Income-tax Rules, 1962, and sixty per cent. of such income shall be regarded as the agricultural income of the assessee; (b) where the assessee derives income from sale of centrifuged latex or cenex or latex based crepes (such as pale latex crepe) or brown crepes (such as estate brown crepe, re-milled crepe, smoked blanket crepe or flat bark crepe) or technically specified block rubbers manufactured or processed by him from rubber plants grown by him in India, such income shall be computed as per rule 7A of the Income-tax Rules, 1962, and sixty-five per cent. of such income shall be regarded as the agricultural income of the assessee; (c) where the assessee derives income from sale of coffee grown and manufactured by him in India, such income shall be computed as per rule 7B of the Income-tax Rules, 1962, and sixty per cent. or seventy-five per cent., as the case may be, of such income shall be regarded as the agricultural income of the assessee. Rule 5.--Where the assessee is a member ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1st April, 2021 or the 1st April, 2022 or the 1st April, 2023, or the 1st April, 2024; (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2018, 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 April, 2019 or the 1st April, 2020 or the 1st April, 2021 or the 1st April, 2022 or the 1st April, 2023, or the 1st April, 2024; (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2019, 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 April, 2020 or the 1st April, 2021 or the 1st April, 2022 or the 1st April, 2023, or the 1st April, 2024; (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2020, 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 April, 2021 or the 1st April, 2022 or th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the 1st April, 2024, or the 1st April, 2025; (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2019, 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 April, 2020 or the 1st April, 2021 or the 1st April, 2022 or the 1st April, 2023 or the 1st April, 2024, or the 1st April, 2025; (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2020, 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 April, 2021 or the 1st April, 2022 or the 1st April, 2023 or the 1st April, 2024, or the 1st April, 2025; (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2021, 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 April, 2022 or the 1st April, 2023 or the 1st April, 2024, or the 1st April, 2 ..... 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