TaxTMI 
TaxTMI 
First Schedule
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....) where the total income exceeds Rs. 20,000 but does not exceed of Rs. 25,000 Rs. 2,500 plus 30 per cent. 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 of Rs. 50,000 Rs. 6,000 plus 50 per cent. 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 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, namely :....
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....rents or grand-parents mainly dependent on him, the income-tax payable by him in respect of such total income shall not exceed the aggregate of - (1) the income-tax which would have been payable by the individual if his total income had been Rs. 10,000 and (2) 40 per cent. of the amount by which the total income of the individual exceeds Rs. 10,000; (B) where such person is not an individual whose case falls under sub-clause (A) and the total income of such person does not exceed Rs. 20,000, the income-tax payable thereon shall not exceed 40 per cent. of the amount by which the total income exceeds the limit specified in sub-clause (a) or, as the case may be, sub-clause (b) of clause (i) of this proviso. Explanation : For the purposes of clause (ii) and sub-clause (A) of clause (iv) of this proviso, a parent or grand-parent of an individual shall not be treated as being mainly dependent on such individual if the income of the parent or, as the case may be, the grand-parent from all sources in respect of the previous year relevant to the assessment year exceeds one thousand rupees. Surcharges on income-tax The amount of income-tax computed i....
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.... aforesaid exceeds Rs. 65,000; (3) where the amount of the difference exceeds Rs. 1,30,000 Rs. 9,750 plus 15 per cent. of the amount by which the difference aforesaid exceeds Rs. 1,30,000; and (c) 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 in accordance with the preceding provisions of this Paragraph; and (ii) the aggregate of the amounts of the surcharges calculated in accordance with clause (a) and clause (b) of this sub-paragraph. Paragraph B In the case of every co-operative society, - Rates of Income-Tax (1) where the total income does not exceed Rs. 5,000 5 per cent. of the total income; (2) where the total income exceeds Rs. 5,000 but does not exceed Rs. 10,000 Rs. 250 plus 10 per cent. of the amount by which the total income exceeds Rs. 5,000; (3) where the total income exceeds Rs. 10,000 but does not exceed Rs. 15,000 Rs. 750 plus 15 per cent. of the amount by which the total income exceeds Rs. 10,000; (4) where the total income exceeds Rs. 15,000 but does not exceed Rs. 200,00 Rs. 1,500 plus 20 per ce....
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....hose 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, a surcharge calculated at the rate of ten per cent. of the amount of income-tax computed at the rate hereinbefore specified; (b) in the case of any other registered firm, a surcharge calculated at the rate of twenty per cent. of the amount of income-tax computed at the rate hereinbefore specified; and (c) 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), or, as the case may be, clause (b), of this sub-paragraph. Paragraph D In the case of every local authority, - Rate of Income-tax On the whole of the total income 45 per cent. 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) a surcharge ca....
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....of that section, on so much of the total income as does not exceed the relevant amount of distributions of dividends by the company 7.5 per cent. : Provided that the income-tax payable be a domestic company, being a company in which the public are substantially interested, the total income of which exceeds Rs. 50,000, shall not exceed the aggregate of (a) the income-tax which would have been payable by the company if its total income had been Rs. 50,000 (the income of Rs. 50,000 for this purpose being computed as if such income included income from various sources in the same proportion as the total income of the company); and (b) 80 per cent. of the amount by which its total income exceeds Rs. 50,000 Explanation 1 : In clause (B), the expression "the relevant amount of distributions of dividends" means the aggregate of the following amounts, namely :- (a) the amount, if any, by which the "relevant amount of distributions of dividends" by the company as computed in accordance with Explanation 1 to item I of Paragraph F of Part I of the First Schedule to the Finance (No. 2) Act, 1967 (20 of 1967), exceeds its total income (reduced by ....
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.... cent. PART II Rates of Deduction of Tax at Source in Certain Cases In every case in which under the provisions of sections 193, 194, 194A and 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 person is resident- (i) on income by way of interest other than "interest on securities" 10 per cent. Nil; (ii) on any other income (excluding interest payable on a tax free security) 20 per cent. 2 per cent.; (b) where the person is not resident in India- (i) on the whole income (excluding interest payable on a tax free security) Income-tax at 30 per cent. and surcharge at 3 per cent. of the amount of the income Or income-tax and surcharge on income-tax in respect of the income at the rates prescribed in Paragraph A of Part III of this Schedule, if such income had been the total income, whichever is higher; (....
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....the rate or rates in force, such income-tax, or, as the case may be, "advance tax" shall be so calculated, charged, deducted or computed at the following rate or rates :- Paragraph A In the case of every individual or Hindu undivided family or 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 (iv) 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 Income-Tax (1) where the total income does not exceed Rs. 5,000 5 per cent. of the total income; (2) where the total income exceeds Rs. 5,000 but does not exceed Rs. 10,000 Rs. 250 plus 10 per cent. of the amount by which the total income exceeds Rs. 5,000; (3) where the total income exceeds Rs. 10,000 but does not exceed Rs. 15,000 Rs. 750 plus 15 per cent. of the amount by which the total income exceeds Rs. 10,000; (4) where the total income exceeds Rs. 15,000 but does not exceed Rs. 200,00 Rs. 1,500 plus 20 per cent. of the amount by which the total income exceeds Rs. 15,000; (5) where the total income exceed....
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....s 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 one child mainly dependent on him; (d) Rs. 260. . . . . in the case of a married individual who has more than one child mainly dependent on him, so, however, that in the case of a married individual whose spouse has a total income exceeding Rs. 4,000 in respect of the previous year relevant to the assessment year commencing on the 1st day of April, 1969, this clause shall have effect as if for the amounts of Rs. 220, Rs. 240 and Rs. 260, the amounts of Rs. 145, Rs. 165, and Rs. 185 had, respectively, been substituted; (iii) where such person is an individual not falling under clause (ii), or a Hindu undivided family, 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. 125. . . . . in the case of an unmarried individual, (b) ....
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....r commencing on the 1st day of April, 1969, exceeds one thousand rupees. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph shall be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent. of such income-tax. Paragraph B In the case of every co-operative society, - Rates of Income-Tax (1) where the total income does not exceed Rs. 5,000 5 per cent. of the total income; (2) where the total income exceeds Rs. 5,000 but does not exceed Rs. 10,000 Rs. 250 plus 10 per cent. of the amount by which the total income exceeds Rs. 5,000; (3) where the total income exceeds Rs. 10,000 but does not exceed Rs. 15,000 Rs. 750 plus 15 per cent. of the amount by which the total income exceeds Rs. 10,000; (4) where the total income exceeds Rs. 15,000 but does not exceed Rs. 200,00 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 of Rs. 25,000 Rs. 2,500 plus 30 per cent. the amount by which the total income exceeds Rs. 20,000; (6) where the total in....
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....thority, - Rate of Income-Tax On the whole of the total income 50 per cent. Surcharge on income-tax The amount of income-tax computed at the rate hereinbefore specified shall be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent. of such income-tax. 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 total income 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- (1) where the company is a company in which the public are substantially interested,- ....