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of <h1>Finance Act 1964: Annuity Deposit Rates Vary from 5% to 12.5% Based on Income Levels</h1> The Second Schedule of the Finance Act, 1964 outlines the rates of annuity deposits based on a depositor's total income. Depositors with income up to Rs. 15,000 are exempt. Those earning between Rs. 15,001 and Rs. 20,000 must deposit 5% of their adjusted income, capped at half the excess over Rs. 15,000. For incomes between Rs. 20,001 and Rs. 40,000, the rate is 7.5%, with specific calculations for amounts exceeding Rs. 20,000. Incomes between Rs. 40,001 and Rs. 70,000 incur a 10% rate, and those above Rs. 70,000 are subject to a 12.5% rate, each with detailed calculation provisions. Total income is defined per the Income-tax Act.
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