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TMI BlogIncome-taxX X X X Extracts X X X X X X X X Extracts X X X X ..... alculated 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 follows:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 115A, 115AB, 115AC, 115ACA, 115AD, 115B, 115BB, 115BBA, 115E and 115JB of the Income-tax Act, the amount of income-tax computed under this sub-section 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de at the rates specified in those sections and shall be increased by a surcharge for purposes of the Union, calculated at the rate of two per cent. of such tax : Provided that no surcharge shall be payable by a foreign company. (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, by a surcharge for purposes of the Union, calculated in each case in the manner provided therein. (8) Subject to the provisions of sub-section (9), in cases in which income-tax has to be charged under sub-section (4) of s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15E and 115JB of the Income-tax Act, "advance tax" computed under the first proviso shall be increased by a surcharge for purposes of the Union, calculated at the rate of two per cent. of such tax : Provided that no surcharge shall be payable by a foreign company. (9) In cases to which Paragraph A of Part III of the First Schedule applies, where the assessee has, in the previous year or, if by virtue of any provision of the Income-tax Act, income-tax is to be charged in respect of the income of a period other than the previous year, in such other period, any net agricultural income exceeding five thousand rupees, in addition to total income and the total income exceeds fifty thousand rupees, then, in charging income-tax under sub-section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accordance with sub-clause (ii) and the sum so arrived at shall be the income-tax or, as the case may be, "advance tax" in respect of the total income : Provided that the amount of income-tax or "advance tax" so arrived at, as reduced by the rebate of income-tax calculated under chapter VIII-A of the said Act, shall be increased by a surcharge for purposes of the Union, calculated in each case in the manner provided therein. (10) For the purposes of this 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, 2001, has made the prescribed arrangements for t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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