TaxTMI 
TaxTMI 
First Schedule
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....,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) no income tax shall be payable on a total income which does not exce....
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....ecified 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 year either of the following conditions, namely : (a) that it has at least two members entitled to claim partition who are not less than eighteen years of age; or (b) that it has at least two ....
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.... (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 amount of super tax calculated at the average rate of super tax on the total income as reduced by the income under the head "Salaries" included therein; and (iii) where the earned income included in the total income exceeds Rs. 1,00,000, ten per cent. of the difference between the amount of super tax which would have been payable on the whole of the earned income include....
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....ends 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 and registered on or after the 1st day of April, 1959; at the rate 30 per cent. on so much of the total income as consists of royalties received from an Indian concern in pursuance of an agreement made by it with the Indian concern on or after the 1st day of April, 1961, and which has been approved by the Central Government; and the rate of 17 per cent. on the balance of the total income shall be allowed in the case of any company not entitled to a rebate under e....
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....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 and gains from life insurance business 22.5% PART III RATES FOR DEDUCTION OF TAX AT SOURCE IN CERTAIN CASES In every case in which under the provisions of sub section (2) of section 192 and sections 193 to 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 deduction at the following rates : Income-tax Super-tax Rate of income-tax Rates of surcharges Rate of super-tax Rates of surcharges Surcharge for purposes of the Union Special sur....