TaxTMI 
TaxTMI 
First Schedule
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....ext 2,500 " 2,500 " 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 purposes of this Paragraph- (i) no income-tax sh....
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....al income: Provided that the surcharge for purposes of the Union and the special surcharge, both together, shall not exceed half the amount by which the total income as reduced by the amount of income-tax payable by the assessee exceeds the limit specified below:- The limit aforesaid shall be- (i) Rs. 6,000 in the case of every Hindu undivided family which as at the end of the previous year satisfies 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 members entitled to claim partition who are not lineally descended one from the other and who are not lineally descended from any other living member of the family; (ii) Rs. 3,000 in every other case; (c) an additional surcharge for purposes of the Union calculated on the amount of the residual income at the following rates, namely:- (i) On the first Rs. 6,000 of the residual income . . . . 4% (ii) On the next Rs. 9,000 of the residual income . . . 6% (iii) On the next Rs. 12,000 of the residual income . . . . 8% (iv) O....
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.... a surcharge for purposes of the Union of five per cent, of the amount of income-tax; (b) a special surcharge of fifteen per cent, of the amount of income-tax; and (c) an additional surcharge for purposes of the Union calculated on the amount of the residual income at the rates as specified in Paragraph A of this Part. Paragraph D In the case of every company,- Rate of income-tax On the whole of the total income .. 25% Paragraph E In the case of every registered firm,- Rates of income-tax Where the firm has four or less partners Where the firm has five or more partners as on the last day of the previous year (1) On the first Rs. 25,000 of total income Nil Nil (2) On the next Rs. 15,000 of total income 5% 7% (3) On the next Rs. 20,000 of total income 6% 8% (4) On the next Rs. 40,000 of total income 7% 9% (5) On the next Rs. 50,000 of total income 8% 10% (6) On the balance of total income 10% 12% Surcharge on income-tax The amount of income-tax computed at the rates hereinbefore specified shall be increased by a surcharge for purposes of the Union equal t....
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.... the difference between the amount of super-tax on the total income and the amount of super-tax on the whole of the earned income, if any, included in the total income, if such earned income had been the total income. Paragraph B In the case of every local authority,- Rate of super-tax On the whole of the total income .. 16% Surcharge on super-tax The amount of super-tax computed at the rate hereinbefore specified shall be increased by a surcharge for purposes of the Union of 121/2 per cent, of the amount of super-tax. Paragraph C In the case of every association of persons being a co-operative society as defined in clause (19) of section 2 of the Income-tax Act,- Rates of super-tax (1) On the first Rs. 25,000 of total income .. Nil (2) On the balance of total income .. 16% Surcharge on super-tax The amount of super-tax computed at the rates hereinbefore specified shall be increased by a surcharge for purposes of the Union of 121/2 per cent, of the amount of super-tax. Paragraph D In the case of every company, other than the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956(31 of 1956....
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....under clause (i) or clause (ii) of the preceding proviso shall be reduced by the sum, if any, equal to the amount or the aggregate of the amounts, as the case may be, computed as hereunder:- (a) on the aggregate of the sums computed in the manner provided in clause (i) of the second proviso to Paragraph D of Part II of the First Schedule to the Finance (No. 2) Act, 1962(20 of 1962) as reduced by the amount, if any, which is deemed to have been taken into account, in accordance with clause (ii) of the said proviso, for the purpose of reducing the rebate mentioned in clause (i) of the said proviso to nil; and at the rate of 100% (b) on the amount representing the face value of any bonus shares or the amount of any bonus issued to its shareholders during the previous year with a view to increasing the paid-up capital. at the rate of 121/2% (ii) where the sum arrived at in accordance with clause (i) of this proviso exceeds the amount of the rebate arrived at in accordance with clause (i) or clause (ii), as the case may be, of the preceding proviso, only so much of the amounts of reduction mentioned in sub-clauses (a) and (b) of clause (i) of this proviso as is suff....
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....ge 1. In the case of a person, other than a company- (a) in every case, on the whole incomes (excluding interest payable on any security of the Central Government issued or declared to be income-tax free, and interest payable on any security of a State Government issued income-tax free, the income-tax whereon is payable by the State Government), and 25% 1.25% 3.75% (b) in addition, where the person is non-resident in India, on the whole income. Super-tax and surcharges on super-tax in accordance with the provisions of clause (6) of sub-section (i) of section 113 of the Income-tax Act. Rate of income-tax Rate of super tax 2. In the case of a company- (a) in every case- (i) on the whole income (excluding interest payable on any security of the Central Government issued or declared to be income-tax free and interest payable on any security of a State Government issued income-tax free, the income-tax whereon is payable by the State Government); and . . . . . . . . . 25% (ii) on the whole income (e....