TaxTMI 
TaxTMI 
THE FIRST SCHEDULE - (See section 2)
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....me does not exceed Rs. 1,60,000 Nil; (2) where the total income exceeds Rs.1,60,000 but does not exceed Rs. 5,00,000 10 per cent. of the amount by which the total income exceeds Rs. 1,60,000; (3) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 8,00,000 &nbs....
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.... 10 per cent. of the amount by which the total income exceeds Rs. 1,90,000; (3) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 8,00,000 Rs. 31,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; (4) where the total income exceeds Rs. 8,00,000 Rs. 91,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 8,00,000. &....
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....nbsp; Rs. 26,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; (4) where the total income exceeds Rs. 8,00,000 Rs. 86,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 8,00,000. Paragraph B In the case of every co-operative society,- &....
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....bsp; Paragraph C In the case of every firm,- Rate of income-tax On the whole of the total income &nb....
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....bsp; 30 per cent. Paragraph E In the case of a company,- ....
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....overnment 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 day 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 &nb....
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....bsp; PART II RATES FOR DEDUCTION OF TAX AT SOURCE IN CERTAIN CASES In every case in which under the provisions of sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income-tax Act, tax is to be deducted at the rates in force, deduction shall be made from the income subject to the deduction at the following rates:- Rate of income-tax • In the case of a person other than a company- (a) where the person is resident in India- (i) on income by way of interest other than "Interest on securities" 10 per cent.; (ii) on income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort &n....
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.... 10 per cent.; (b) where the person is not resident in....
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....1st day of June, 1997 but before the 1st day of June, 2005 10 per cent.; (ii) where the agreement is made on or after the 1st day of June, 2005 20 per cent.; (C) on income by way of royalty [not being royalty of the nature referred to in sub-item (b)(i)(F)] 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- 20 per cent.; (i) where the agreement is made on or after the 1st day of June, 1997 but before the 1st day of June, 2005 10 per cent.; (II) where the agreement is made on or after the 1st day of June, 2005 20 per cent.; (D) on income by way of fees for technical services payable by Gove....
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....in any book on a subject referred to in the first proviso to sub-section (1A) of section 115A of the Income-tax Act, to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section (1A) of section 115A of the Income-tax Act, to a person resident in India- (i) where the agreement is made on or after the 1st day of June, 1997 but before the 1st day of June, 2005 20 per cent.; (ii) where the agreement is made on or after the 1st day of June, 2005 10 per cent.; ( C) on income by way of royalty [not being royalty of the nature referred to in sub-item (b)(ii)(B)] 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- (i) where the agreement is made on or after the 1st day of June, 1997 but before the 1st day of Jun....
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....p; 20 per cent.; (iv) on income by way of royalty payable by 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, 1976 where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (1A) of section 115A of the Income-tax Act, to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section (1A) of section 115A of the Income-tax Act, to a person resident in India- (A) where the agreement is made before the 1st day of June, 1997 50 per cent.; (B) where the agreement is made on or after the 1st day of June, 1997 but before the 1st day of June, 2005 30 per cent.; ( C) where the agreement is made on or after the 1st day of June, 2005 20 per cent.; (D) where the agreement is made on or after the 1st day of June, 2005 &n....
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.... 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 but before the 1st day of June, 2005 20 per cent.; (D) where the agreement is made on or after the 1st day of June, 2005 10 per cent.; (vii) on income by way of short-term capital gains referred to in section 111A 15 per cent.; ....
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.... income chargeable to tax under section 115JB or section 115JC or sub-section (1A) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act at the rates as specified in that Chapter or section or surcharge, wherever applicable, on such "advance tax" in respect of any income chargeable to tax under section 115A or section 115AB or section 115AC or section 115ACA or section 115AD or section 115B or section 115BB or section 115BBA or section 115BBC or section 115BBD or section 115E or section 115JB or section 115JC] shall be charged, deducted or computed at the following rate or rates:- ....
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....nbsp; Rs. 32,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; (4) where the total income exceeds Rs. 8,00,000  ....
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....p; Rs. 31,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; (4) where the total income exceeds Rs. 8,00,000 Rs. 91,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 8,00,000. (III) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year, - &n....
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....ceeds Rs. 8,00,000 Rs. 85,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 8,00,000. (IV) In the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year, - Rates of income-tax (1) where the total income does not exceed Rs. 5,00,000 Nil; (2) where the total income exceeds Rs.5,000,000 but does not exceed Rs. 8,00,000 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; (3) where the total income....
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....sp; Rate of income-tax On the whole of the total income 30 per cent. ....
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....overnment 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 day 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 &nbs....
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....nbsp; PART IV [See section 2(13)(c)] RULES FOR COMPUTATION OF NET AGRICULTURAL INCOME Rule 1.-Agricultural income of the nature referred to in sub-clause (a) of clause (1A) of section 2 of the Income-tax Act shall be computed as if it were income chargeable to income-tax under that Act under the head "Income from other sources" and the provisions of sections 57 to 59 of that Act shall, so far as may be, apply accordingly: Provided that sub-section (2) of section 58 shall apply subject to the modification that the reference to section 40A therein shall be construed as not including a reference to sub-sections (3) and (4) of se....
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....puted in accordance with rule 7B of the Income-tax Rules, 1962, and sixty per cent. or seventy-five per cent., as the case may be, 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 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 agricu....
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....mmencing on the 1st day of April, 2005 or the 1st day of April, 2006 or the 1st day of April, 2007 or the 1st day of April, 2008 or the 1st day of April, 2009 or the 1st day of April, 2010, (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2005, to 20 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, 2006 or the 1st day of April, 2007 or the 1st day of April, 2008 or the 1st day of April 2009 or the 1st day of April, 2010, (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2006, 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 25 commencing on the 1st day of April, 2007 or the 1st day of April, 2008 or the 1st day of April, 2009 or the 1st day of April, 2010, (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2007, to the extent, if any, such loss has not been set ....
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.... of April, 2010 or the 1st day of April, 2011, (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2005, to 50 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, 2006 or the 1st day of April, 2007 or the 1st day of April, 2008 or the 1st day of April, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011, (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2006, 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, 2007 or the 1st day of April, 2008 or the 1st day of April, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011, (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2007, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment....