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TMI BlogIncome-taxX X X X Extracts X X X X X X X X Extracts X X X X ..... charge, calculated in each case in the manner provided therein. (2) In the cases to which Paragraph A of Part I of the First Schedule applies, where the assessee has, in the previous year, any net agricultural income exceeding six hundred rupees, in addition to total income, and the total income exceeds fifty thousand rupees, then,- (a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in the total income after the first fifty thousand rupees of the total income but without being liable to tax], only for the purpose of charging income-tax in respect of the total income; and (b) the income-tax chargeable shall be calculated as f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7) or the rates as specified in that Chapter or section, as the case may be: Provided that the amount of income-tax computed in accordance with the provisions of sections 112 and 113, shall be increased by a surcharge for purposes of the Union or surcharge as provided in Paragraph A, B, C, D or E, as the case may be, of Part I of the First Schedule: Provided further that in respect of any income chargeable to tax under section 115 ACA or section 115B or section 115BB of the Income-tax Act, the amount of income-tax computed under this sub-section shall be increased,- (i) in the case of a person other than a company being resident in India, by a surcharge, for purposes of the Union, calculated at the rate of ten per cent, of such income-t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e for purposes of the Union, calculated at the rate of ten per cent, of such tax; (b) in the case of a domestic company, by a surcharge calculated at the rate of ten per cent. of such tax. (7) In cases in which tax has to be collected under the proviso to section 194B or under section 206C of the Income-tax Act, the collection shall be made at the rates specified in that section or at the rates specified in Part II of the First Schedule, as the case may be, and shall be increased,- (a) in the case of a person other than a company being resident in India, by a surcharge for purposes of the Union, calculated at the rate of ten per cent, of such tax; (b) in the case of a domestic company, by a surcharge calculated at the rate of ten per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Income-tax Act shall be increased by a surcharge for purposes of the Union or surcharge as provided in Paragraph A, B, C, D or E, as the case may be, of Part III of the First Schedule: Provided also that in respect of any income chargeable to tax under sections 115A, 115AB, 115AC, 115ACA, 115AD, 115B, 115BB, 115BBA, 115Eand 115JB of the Income-tax Act, "advance tax" computed under the first proviso shall be increased,- (a) by a surcharge, for purposes of the Union, calculated,- (i) in the case of a co-operative society, a firm and a local authority, at the rate of ten per cent, of such "advance tax"; (ii) in the case of a person other than a company, a co-operative society, a firm and a local authority- (A) at the rate of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me-tax or, as the case may be, "advance tax" shall be so charged or computed as follows:- (i) the total income and the net agricultural income shall be aggregated and the amount of income-tax or "advance tax" shall be determined in respect of the aggregate income at the rates specified in the said Paragraph A, as if such aggregate income were the total income; (ii) the net agricultural income shall be increased by a sum of fifty thousand rupees, and the amount of income-tax or "advance tax" shall be determined in respect of the net agricultural income as so increased at the rates specified in the said Paragraph A, as if the net agricultural income were the total income; (iii) the amount of income-tax or "advance tax" determined in acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s section and the First Schedule,- (a) "domestic company" means an Indian company or any other company which, in respect of its income liable to income-tax under the Income-tax Act for the assessment year commencing on the 1st day of April, 2000, has made the prescribed arrangements for the declaration and payment within India of the dividends (including dividends on preference shares) payable out of such income; (b) "insurance commission" means any remuneration or reward, whether by way of commission or otherwise, for soliciting or procuring insurance business (including business relating to the continuance, renewal or revival of policies of insurance); (c) "net agricultural income", in relation to a person, means the total amount of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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