TaxTMI 
TaxTMI 
First Schedule
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....0 " 2,500 " 15% (7) On the next 2,500 " 2,500 " 2,500 " 20% (8) On the next 2,500 " 2,500 " 2,500 " 23% (ii) In the case of every individual who is not married and every individual or Hindu undivided family whose total income in either case exceeds Rs. 20,000 and in the case of every unregistered firm or other association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub clause (vii) of clause (31) of section 2 of the Income tax Act, not being a case to which any other Paragraph of this Part applies : Rs. (1) On the first. . . . . . . 1,000 of total income Nil (2) On the next. . . . . . . 4,000 " " 3% (3) On the next. . . . . . . 2,500 " " 7% (4) On the next. . . . . . . 2,500 " " 10% (5) On the next. . . . . . . 2,500 " " 12% (6) On the next. . . . . . . 2,500 " " 15% (7) On the next. . . . . . . 2,500 " " 20% (8) On the next. . . . . . . 2,500 " " 23% (9) On the balance of total income. . . . . . . 25% Provided that for the purpose of this Paragraph (i....
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....the total income : Provided that (i) no surcharge for purposes of the Union shall be payable where the total income does not exceed the limit specified below: (ii) no special surcharge shall be payable in the case of an assessee whose total income does not include any income from divided on ordinary shares if his total income does not exceed the limit specified below, and where the total income includes any dividends on ordinary shares, such limit shall be increased by Rs. 1,500 or the amount of the said dividends, whichever is less : Provided further that (a) where the total income includes any dividends on ordinary shares, the surcharge for purposes of the Union and the special surcharge shall not in each exceed half the amount by which the total income exceeds the respective limits applicable in either case; (b) the surcharge for purposes of the Union and the special surcharge, both together, shall not exceed half the amount by which the total income exceeds the limit specified below; The limit aforesaid shall be (i) Rs. 15,000 in the case of every Hindu undivided family which satisfies as at the end of the previous yea....
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....ociation of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub clause (vii) of clause (31) of section 2 of the Income tax Act, not being a case to which any other Paragraph of this Part applies, RATES OF SUPER TAX (1) On the first Rs. 20,000 of total income . . . Nil (2) On the next Rs. 5,000 of total income. . . 8% (3) On the next Rs. 5,000 of total income. . . 18% (4) On the next Rs. 10,000 of total income. . . 22% (5) On the next Rs. 10,000 of total income. . . 32% (6) On the next Rs. 10,000 of total income. . . 40% (7) On the next Rs. 10,000 of total income. . . 45% (8) On the balance of total income. . . 47.5% Surcharges on super tax The amount of super tax computed at the rates hereinbefore specified shall be increased by the aggregate of the surcharges calculated as under : (a) A surcharge for purposes of the Union equal to the sum of (i) two and a half per cent. of the amount of super tax calculated at the average rate of super tax on the income under the head "Salaries" included in the total income; (ii) five per cent. of the....
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....with the provisions of section 194 of that Act; and (b) is much a company as is referred to in section 108 of the Income tax Act with a total income not exceeding Rs. 25,000; (ii) a rebate at the rate of 50 per cent. on so much of the total income as consists of dividends from a subsidiary Indian company formed and registered before the 1st day of April, 1961; at the rate of 45 per cent. on so much of the total income as consists of dividends from any other Indian company; and at the rate of 30 per cent. on the balance of the total income shall be allowed in the case of any company which satisfies condition (a) but not condition (b) of the preceding clause; (iii) a rebate at the rate of 50 per cent. on so much of the total income as consists of dividends from a subsidiary Indian company formed and registered before the 1st day of April, 1961; at the rate of 30 per cent. on so much of the total income as consists of dividends from an Indian company, not being a subsidiary company, formed and registered before the 1st day of April, 1959; at the rate of 45 per cent. on so much of the total income as consists of dividends from any other Indian company formed ....
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....income by reason of such portion being agricultural income, the amount representing the face value of any bonus shares and the amount of any bonus issued to its shareholders shall each be deemed to be such proportion thereof as the average of the total income of the company in the five previous years in which the company has been in receipt of taxable income immediately preceding the relevant previous year bears to the average of its total profits and gains (excluding capital receipts) for the preceding five years aforesaid, reduced by such allowances as may be admissible under the Income tax Act which have not been taken into account by the company in its profits and loss accounts for the preceding five years aforesaid. Explanation II : For the purposes of this Paragraph and Part III of this Schedule, a company shall be deemed to be a subsidiary of another company if that other company holds more than half in nominal value of the equity share capital of the first mentioned company. Paragraph E In the case of the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956), RATE OF SUPER TAX On the whole of its profits a....