TaxTMI 
TaxTMI 
First Schedule
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....; (5) where the total income exceeds Rs. 20,000 but does not exceed Rs. 20,000; Rs. 2,500 plus 30 per cent. of the amount by which the total income Rs. 25,000 exceeds (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. 6,000 plus 50 per cent. of the Rs. 50,000 Rs. 30,000 but does not exceed 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 exceeds 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 purposes 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. 7,000 in the case of every Hindu undivided family which as at the end of the previous year satisfies either of the following two conditions, na....
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....come-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, established 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 surcharge 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 c....
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....e hereinbefore specified shall be increased by the aggregate of surcharges for purposes of the Union calculated as certified hereunder :- (a) where the total income exceeds Rs. 25,000, a surcharge calculated at the rate of 6 1/4 per cent. of the amount of the difference between the income-tax computed at the rates hereinbefore specified and the income-tax computed in respect of a total income of Rs. 25,000; and (b) a special surcharge calculated at the rate of ten per cent. on the aggregate of the following amounts, namely :- (i) the amount of income-tax computed at the rate hereinbefore specified; and (ii) the amount of the surcharge calculated in accordance with clause (a) of this sub-paragraph. 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 Rs. 1,00,000 Rs. 1,500 plus 8 per cent. of the amount by which the total income not exceed exce....
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.... the rate of income-tax applicable, in accordance with Paragraph F of this Part, to the total income of a domestic company which is a company in which the public are substantially interested. Paragraph F In the case of a company, other than the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956), - RATES OF INCOME-TAX I. In the case of a domestic company - (A)(1) where the company is a company in which the public are substantially interested, - (i) in a case where the total income does not exceed Rs. 25,000 45 per cent. of the total income; (ii) in a case where the total income exceeds Rs. 25,000 55 per cent. of the total income; (2) where the company is not a company in which the public are substantially interested, - (i) in the case of an industrial company (1) on so much of the total income as does not exceed Rs. 10,00,000 55 per cent.; (2) on the balance, if any, of the total income 60 per cent.; (ii) in any other case 65 per cent. of the total income; and (B) in addition, where the company is ....
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....use (a) bears to the sum specified in clause (b), such sums being- (a) the average amount of the total income of the company of the five previous years in which it has been in receipt of taxable income immediately preceding the relevant previous year; and (b) the average amount of the total profits and gains (excluding receipts) of the company of the five previous years referred to in clause (a) reduced by such allowances as may be admissible under the Income-tax Act but which have not been taken into account by the company in its profit and loss accounts for the said five previous years. Explanation 3 : 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, the amount of such dividends shall not be included in the amount of dividends referred to in clause (b) of Explanation 1. II. In the case of a company other than a domestic company (i) on so much of the total income as consists of- (a) royalties received from an Indian concern in pursuance of an agreement made by it with the Indian concern after th....
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....ed to in (i) hereinabove 24.5 per cent. Nil; (iii) on the income by way of royalties payable by an Indian concern in pursuance of an agreement made by it with the Indian concern after the 31st day of March, 1961, and which has been approved by the Central Government 50 per cent. Nil; (iv) on the income by way of fees payable by an Indian concern for rendering technical services 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 by way of interest payable on a tax free security 44 per cent. Nil; (vi) on any other income 70 per cent. Nil. PART III Rates for Calculating or Charging Income-Tax in Certain Cases, Deducting Income-Tax From Income Chargeable Under the Head "Salaries" and Computing "Advance Tax" In cases in which income-tax has to be calculated under the first proviso to sub-section (5) of section 132 of the Income-tax Act or charged under sub-section (4) of section 172 or sub-section (2) of section 174 or section 175 or sub-section (2) of section 176 or deducte....
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..... 7,000 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 :- (1) that it has at least two members entitled to claim partition who are not less than eighteen years of age; or (2) 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; (b) Rs. 4,000 in every other case; (ii) where such person is an individual whose total income does not exceed Rs. 10,000 and who has, during the previous year, incurred any expenditure for the maintenance of any one or more of his parents or grand-parents mainly dependent on him, the income-tax computed at the rate hereinbefore specified shall be reduced by so much of the amount specified hereunder, as does not exceed the amount of income-tax so computed :- (a) Rs. 145. . . . . in the case of an unmarried individual; (b) Rs. 220. . . . . in the case of a married individual who has no child mainly dependent on him; (c) Rs. 240. . . . . in the case of a married individual who has....
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....pect of the previous year relevant to the assessment year exceeds one thousand rupees. Surcharges on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph shall be increased by the aggregate of surcharges for purposes of the Union calculated as specified hereunder :- (a) where - (i) in the case of an individual or a Hindu undivided family, the amount of unearned income, not being income by way of interest on any security of the Central or State Government or income received in respect of units from the Unit Trust of India, established under the Unit Trust of India Act, 1963 (52 of 1963), included in the total income, or (ii) in any other case, the amount of unearned income included in the total income, exceeds Rs. 30,000, a surcharge calculated on the difference between the amount 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. 30,000 if it had been the total income, at the following rate, namely :- ....
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....nt by which the total Rs. 10,000 (4) where the total income exceeds Rs. 15,000 but does not exceed Rs. 20,000 Rs. 1,500 plus 20 per cent. of the amount by which the total income exceeds Rs. 15,000; (5) where 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. 35,000 Rs. 4,000 plus 40 per cent. of the amount by which the total income exceeds Rs. 20,000; Provided that - (i) no income-tax shall be payable on a total income not exceeding Rs. 4,000; and (ii) where the total income is twenty thousand rupees or less, the income-tax payable shall not exceed forty per cent. of the amount by which the total income exceeds Rs. 4,000. Surcharges on Income-tax The amount of income-tax computed at the rate hereinbefore specified shall be increased by the aggregate of surcharges for purposes of the Union calculated as specified hereunder :- (a) where the total income exceeds Rs. 25,000, a surcharge calculated at the rate of 6 1/4 per cent. of the amount of the difference be....
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.... be increased by the aggregate of surcharges for purposes of the Union calculated as specified hereunder :- (a) a surcharge calculated at the rate of ten per cent. of the amount of income-tax computed at the rate hereinbefore specified; and (b) a special surcharge calculated at the rate of ten per cent. on the aggregate of the following amounts, namely :- (i) the amount of income-tax computed at the rate hereinbefore specified; and (ii) the amount of the surcharge calculated in accordance with clause (a) of this sub-paragraph. Paragraph E In the case of the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956), - RATES OF INCOME-TAX (i) on that part of its total income which consists of profits and gains from life insurance business 52.5 per cent.; (ii) on the balance, if any, of the total income the rate of income-tax applicable, in accordance with Paragraph F of this Part, to the total income of a domestic company which is a company in which the public are substantially interested. Paragraph F In the case of a company, other than the Life Insurance Corporation of I....
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....ccordance with Explanation 1 to item 1 of Paragraph F of Part I of the First Schedule to the Finance Act, 1966 (13 of 1966), exceeds its total income (reduced by the amount of capital gains, if any, relating to capital assets other than short-term capital assets included therein) assessable for the assessment year commencing on the 1st day of April, 1966; and (b) so much of the amount of the dividends, other than dividends on preference shares, declared or distributed by the company during the previous year as exceeds ten per cent. of its paid-up equity share capital as on the 1st day of the previous year. Explanation 2 : For the purposes of clause (B), where a part of the income of a company is not included in its total income because it is agricultural income, the amount declared or distributed as dividends (other than dividends on preference shares) shall be deemed to be such proportion thereof as the sum specified in clause (a) bears to the sum specified in clause (b), such sums being (a) the average amount of the total income of the company of the five previous years in which it has been in receipt of taxable income immediately preceding the relevant previ....