TaxTMI 
TaxTMI 
First Schedule
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....ere the total income exceeds Rs. 20,000 but does not exceed Rs. 25,000 Rs. 2,500 plus 30 per cent. of the amount by which the total income exceeds Rs. 20,000. (6) where the total income exceeds Rs. 25,000 but does not exceed Rs. 30,000 Rs. 4,000 plus 40 per cent. of the amount by which the total income exceeds Rs. 25,000 (7) where the total income exceeds Rs. 30,000 but does not exceed Rs. 50,000 Rs. 6,000 plus 50 per cent. of the amount by which the total income exceeds Rs. 30,000 (8) where the total income exceeds Rs. 50,000 but does not exceed Rs. 70,000 Rs. 16,000 plus 60 per cent. of the amount by which the total income exceeds Rs. 50,000 (9) where the total income exceed Rs. 70,000 Rs. 28,000 plus 65 per cent. Of the amount by which the total income exceeds Rs. 70,000 Provided that for the purpose of this Paragraph, in the case of a person, not being a non-resident - (i) no income-tax shall be payable on a total income not exceeding the following limit, namely :- (a) 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 two conditions, namely :- ....
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....t of income-tax computed in respect of the income referred to in sub-clause (i) or, as the case may be, sub-clause (ii), if such income had been the total income and the amount of income-tax computed in respect of an income of Rs. 15,000 if it had been the total income, at the following rate, namely :- (1) where the amount of the difference does not exceed Rs. 14,500 20 per cent. of the amount of such difference (2) where the amount of the difference exceeds Rs. 14,500 Rs. 2,900 plus 25 per cent. of the amount by which the difference aforesaid exceeds Rs. 14,500 (b) where - (i) in the case of an individual or a Hindu undivided family, the earned income and income by way of interest on any security of the Central or State Government and income received in respect of units from the Unit Trust of India under the Unit Trust of India Act, 1963 (52 of 1963), included in the total income, or (ii) in any other case, the earned income included in the total income exceeds Rs. 1 lakh, a sum calculated on the amount of the difference between the income-tax computed in respect of the income referred to in sub-clause (i) or, as the case ma....
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.... of Rs. 25,000. Paragraph C In the case of every registered firm, - Rates of Income-Tax (1) where the total income does not exceed Rs. 25,000 Nil; (2) where the total income exceeds Rs. 25,000 but does not exceed Rs. 50,000 6 per cent. of the amount by which the total income exceeds Rs. 25,000; (3) where the total income exceeds Rs. 50,000 but does not exceed Rs. 1,00,000 Rs. 1,500 plus 8 per cent. of the amount by which the total income exceeds Rs. 50,000; (4) where the total income exceeds Rs. 1,00,000 Rs. 5,500 plus 12 per cent. of the amount by which the total income exceeds Rs. 1,00,000 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 of twenty per cent. of the amount of income-tax : Provided that in the case of a registered firm whose total income includes income derived from a profession carried on by it and the income so included is not less than fifty-one per cent. of such total income, the amount of surcharge for purposes of the Union computed at the rate hereinbefore specified shall be reduced by one-half of such amount. Pa....
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.... the case of a company which is wholly or mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining (a) on so much of the total income as consists of profits and gains attributable to the business of generation or distribution of electricity or of construction, manufacture of production of any one or more of the articles or things specified in the list in Part III of this Schedule- (i) on so much of the profits and gains aforesaid as do not exceed Rs. 10 lakhs 35 per cent. (ii) on the balance of the profits and gains aforesaid 26 per cent. (b) on any income other than the profits and gains referred to in (a) hereinabove - (i) on so much of such income as, together with the profits and gains referred to in (a) hereinabove, does not exceed Rs. 10 lakhs 30 per cent. (ii) on the balance of such income 20 per cent. (ii) in any other case (a) on so much of the total income as consists of profits and gains attributable abl....
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.... at the rate of 12.5 per cent. (c) in addition, in the case of - (i) a company as is referred to in section 108 of the Income-tax Act, or (ii) a company as is referred to in clause (iii) of sub-section (2) or sub-section (4) of section 104 of the said Act, or (iii) such a company as is exempt from the operation of section 104 of the said Act by a notification issued under the provisions of sub-section (3) of that section, which has declared or distributed to its shareholders during the previous year any dividends other than dividends on preference shares (A) in the case of a company since the date of the commencement of its activities has declared or distributed any dividends for the first time during the previous year or any one of the four previous years immediately preceding such previous year - on that part of the dividends other than dividends on preference shares which exceeds ten per cent. of the paid-up equity capital at the rate of 7.5 per cent. (B) in any other case on the whole amount of the dividends other than dividends on preference shares at the rate of 7.5 per cent.; (ii) Where the sum arrived at....
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....pany in its profit and loss accounts for the said five previous years. Explanation 3 : For the purpose of sub-clause (b) of clause (i) of the second proviso, "share premium account" means an account forming a separate and identifiable part of the reserves of a company to which has been transferred a sum equal to the aggregate amount or value of the premiums on shares issued by the company. Explanation 4 : For the removal of doubts it is hereby declared that where any dividends were declared by the company before the commencement of the previous year and are distributed by it during that year, no reduction in the rebate shall be made under sub-clause (c) of clause (i) of the second proviso in respect of such dividends. PART II Rates For Deduction of Tax at Source in Certain Cases In every case in which under the provisions of 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 Rate of income-tax Rate of surcharge 1. In the case of a person other than a company - (a) where the....
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.... Nil; (ii) on the income from dividends payable by any other Indian company or any company which has made the prescribed arrangements for the declaration and payment of dividends within India ; 25 per cent. Nil; (iii) on the income from royalties payable by an Indian concern in pursuance of an agreement which is 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; 50 per cent. Nil; (iv) on the income from fees for rendering technical services received from an Indian concern in pursuance of an agreement made by it with the Indian concern after the 29th day of February, 1964, and which has been approved by the Central Government; 50 per cent. Nil; (v) on the income from 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 40 per cent. Nil; (vi) on any other income 65 per cent. Nil. PART III List of Articles and Things (1) Iron and stee....