TaxTMI 
TaxTMI 
First Schedule
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 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. 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. 16,060 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:- ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ome 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 case may be, sub-clause (ii), if s....
X X X X Extracts X X X X
X X X X Extracts X X X X
....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 61/4 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 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....
X X X X Extracts X X X X
X X X X Extracts X X X X
...., 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- (i) a company in which the p....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ts 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 previous year; and (b) the average amount of the total profits and gains (excluding capital 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 distri....