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TMI BlogFirst ScheduleX X X X Extracts X X X X X X X X Extracts X X X X ..... e; (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, 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 Indi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in foreign currency 20 per cent.; (E) on income by way of winnings from lotteries and crossed puzzles 40 per cent.; (F) on income by way of winnings from horse races 40 per cent.; (G) 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 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.; (B) on income by way of winnings 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 20 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 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 - &n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t.; (vi) 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, but before the 1st day of June, 1997 30 per cent.; (C) where the agreement is made on or after the 1st day of June, 1997 20 per cent.; (vii) on income by way of long-term capital gains 20 per cent.; (viii) on any other income 48 per cent. Explanation. - For the purpose of item 1(b)(i) of this Part, "investment income" and "non-resident Indian" shall have been meanings assigned to them in Chapter XII-A of the Income-tax Act. PART III RATES FOR CALCULATING OR CHARGING INCOME-TAX IN CERTAIN CASES, DEDUCTING INCOME-TAX FR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he whole of the total income 35 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 35 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, 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 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 48 per cent. PART IV [See section 2(10)(c)] RULES FOR COMPUTATION OF NET AGRICULTURAL INCOME Rule 1 - Agricultural income of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 agriculture 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 co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1994, or the 1st day of April, 1995, or the 1st day of April, 1996, (v) 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, or the 1st day of April, 1996, (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1994, to the extent, in 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, 1995, or the 1st day of April, 1996, (vii) the loss so computed for the previous year relevant 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, 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 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, or the 1st day of April, 1996, or the 1st day of April, 1997, (v) 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 not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1995, or the 1st day of April, 1996, or the 1st day of April, 1997, (vi) the loss so computed for the previous year relevant 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, or the 1st day of April, 1997, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1996, to ..... 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