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TMI BlogFirst ScheduleX X X X Extracts X X X X X X X X Extracts X X X X ..... has at least one member whose total income of the previous year relevant to the assessment year commencing on the 1st day of April, 1996 exceeds Rs. 40,000, - 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. Paragraph B In the case of every co-operative society, - Rates of income-tax (1) where the total income does not Exceed Rs. 10,000 10 per cent. of the total income; (2) where the total income exceeds Rs. 10,000 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 per cent. of the amount by which the total income exceeds Rs. 20,000. Paragraph C In the case of every firm, - Rates of income-tax On the whole of the total income 40 per cent. Paragraph D In the case of every local authority, - Rates of income-tax On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 and any rules made thereunder 10 per cent.; (vi) on any other income 20 per cent.; (b) where the person is not resident in India - (i) in the case of a non-resident Indian - (A) on investment income and long-term capital gains 20 per cent.; (B) on income by way of dividends and interest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency 20 per cent.; (C) on income by way of winnings from lotteries and crossword puzzles 40 per cent.; (D) on income by way of winnings from horse races 40 per cent.; (E) on the whole of 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 Paragraph A of Part III of this Schedule, if such income had been the total income, whichever is higher; (ii) in the case of any other person - (A) on income by way of dividends, interest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency 20 per cent.; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g in force, of the Government of India, the agreement is in accordance with that policy - (A) where the agreement is made after 31st day of March, 1961 but before the 1st day of April, 1976 50 per cent.; (B) where the agreement is made after the 31st day of March, 1976 30 per cent.; (vii) 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 - (A) where the agreement is made after the 29th day of February, 1964 but before the 1st day of April, 1976 50 per cent.; (B) where the agreement is made after the 31st day of March, 1976 30 per cent.; (viii) on income by way of long-term capital Gains 20 per cent.; (ix) on any other income 55 per cent. Explanation : For the purpose of item 1(b)(i) of this Part, "investment income" and "non-resident Indian" shall ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al income exceeds Rs. 1,20,000 Paragraph B In the case of every co-operative society, - Rates of income-tax (1) where the total income does not exceed Rs. 10,000 10 per cent. of the total income; (2) where the total income exceeds Rs. 10,000 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 per cent. of the amount by which the total income exceeds Rs. 20,000. Paragraph C In the case of every firm, - Rates of income-tax On the whole of the total income 40 per cent. Paragraph D In the case of every local authority, - Rates 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 I. 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) 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 of April, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceiver 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. Rule 4 - Notwithstanding anything contained in any other provisions of these rules, in a case where the assessee derived 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 shall be regarded as the agricultural income of the assessee. Rule 5 - Where the assessee is a member of an association of persons or a body of individuals (other than a Hindu undivided family, a company or a firm) which in the previous year has either no income chargeable to tax under the Income-tax Act or has total income not exceeding the maximum amount not chargeable to tax in the case of an association of persons or a body of individuals (other than a Hindu undivided family, a company or a firm) but has any agricultural income, then, the agricultural income or loss of the association or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pril, 1990 or the 1st day of April, 1991 or the 1st day of April, 1992 or the 1st day of April, 1993 or the 1st day of April, 1994 or the 1st day of April, 1995, (iii) 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 or the 1st day of April, 1994 or the 1st day of April, 1995, (iv) 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 or the 1st day of April, 1994 or the 1st day of April, 1995, (v) 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o 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 or the 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 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 or the 1st day of April, 1994 or the 1st day of April, 1995 or the 1st day of April, 1996, (iv) 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 or the 1st day of April, 1994 ..... 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