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TMI BlogIncome-taxX X X X Extracts X X X X X X X X Extracts X X X X ..... ot;-, wherever they occur, the words "forty thousand rupees" shall be substituted', (iii) in the first proviso to sub-section (3), for the word and figures "section 112", the words and figures "Sections 112 and 113 of the Income Tax Act" shall be substituted', (b) in the First Schedule,- (i) for Part I, the following Part shall be substituted, namely:- "PART I INCOME TAX Paragraph A Sub-Paragraph I In the case of every individual 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 sub-paragra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0,000 but does not exceed Rs. 20,000 Rs. 1,000 plus 20 per cent, of the amount by which the total income exceeds Rs. 10,000; (3) where the total income exceeds Rs. 20,000. Rs. 3,000 plus 35 percent of the amount by which the total income exceeds Rs. 20,000. Paragraph C In the case of every firm,-- Rate of Income-tax On the whole of the total income 40 per cent. Paragraph D In the case of every local authority,-- Rate of income-tax On the whole of the total income 30 per cent. Paragraph E In the case of a company,-- Rates of income-tax 1. In the case of a domestic company 40 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) r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he previous years relevant to the assessment years commencing on the 1st day of April, 1988 or the 1st day of April, 1989 or the 1st day of April, 1990 or the 1st day of April, 1991 or the 1st day of April, 1992 or the 1stday of April, 1993 or the 1st day of April, 1994 or the 1st day of April, 1995, 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, 1988, 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, 1989orthe 1st day of April, 1990orthe 1st day of April, 1991 or the 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 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 or the 1st day of April, 1994 or the 1st day of April, 1995, (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1993, 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, 1994 or the 1st day of April, 1995, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1994, to the extent, if any, such loss has no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear commencing on the 1st day of April, 1990 or the 1st day of April, 1991 or the 1st day of April, 1992orthe 1st day of April, 1993 or the 1st day of April, 1994 or the 1st day of April, 1995 or the 1st day of April, 1996, (ii) 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, 1993orthe 1st day of April, 1994 or the 1st day of April, 1995 or the 1st day of April, 1996, (iii) the loss so computed for the previous year relevant to the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t to the assessment year commencing on the 1st day of April, 1995, 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, 1996, (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1996, 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, 1997"; (B) for sub-rule (4), the following sub-rule shall be substituted, namely:- "(4) Notwithstanding anything contained in this rule, no loss which has not been determined by the Assessing Officer unde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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