AI Drafter - (New and Powerful) 
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
TaxTMI 
TaxTMI 
First Schedule
X X X X Extracts X X X X
X X X X Extracts X X X X
....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. 40,000 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. 40,000 but does not exceed Rs. 60,000 Rs. 11,000 plus 60 per cent. of the amount by which the total income exceeds Rs. 40,000; (9) where the total income exceeds Rs. 60,000 but does not exceed Rs. 80,000 Rs. 23,000 plus 70 per cent. of the amount by which the total income exceeds Rs. 60,000; (10) where the total income exceeds Rs. 80,000 but does not exceed Rs. 1,00,000 Rs. 37,000 plus 75 per cent. of the amount by which the total income exceeds Rs. 80,000; (11) where the total income exceeds Rs. 1,00,000 but does not exceed Rs. 2,00,000 Rs. 52,000 plus 80 per cent. of the amount by which the total income exceeds Rs. 1,00,000; (12) where the total income exceeds....
X X X X Extracts X X X X
X X X X Extracts X X X X
....the rate hereinbefore specified shall be increased by a surcharge for purposes of the Union calculated at the rate of fifteen per cent. of such income-tax. Paragraph C In the case of every registered firm, - Rates of Income-Tax (1) where the total income does not exceed Rs. 10,000 Nil; (2) where the total income exceeds Rs. 10,000 but does not exceed Rs. 25,000 4 per cent. of the amount by which the total income exceeds Rs. 10,000; (3) where the total income exceeds Rs. 25,000 but does not exceed Rs. 50,000 Rs. 600 plus 6 per cent. of the amount by which the total income exceeds Rs. 25,000; (4) where the total income exceeds Rs. 50,000 but does not exceed Rs. 1,00,000 Rs. 2,100 plus 12 per cent. of the amount by which the total income exceeds Rs. 50,000; (5) where the total income exceeds Rs. 1,00,000 Rs. 8,100 plus 20 per cent. of the amount by which the total income exceeds Rs. 1,00,000. 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) in the case of a registered firm....
X X X X Extracts X X X X
X X X X Extracts X X X X
....sted, - (i) in a case where the total income does not exceed Rs. 50,000 45 per cent. of the total income; (ii) in a case where the total income exceeds Rs. 50,000 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 (a) on so much of the total income as does not exceed Rs. 10,00,000 55 per cent.; (b) on the balance, if any, of the total income 60 per cent.; (ii) in any other case 65 per cent. of the total income; Provided that the income-tax payable by 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 exc....
X X X X Extracts X X X X
X X X X Extracts X X X X
....se of a company - (a) where the company is a domestic company - (i) on income by way of interest other than "Interest on securities" 20 per cent. 1 per cent; (ii) on any other income (excluding interest payable on a tax free security) 22 per cent. 1 per cent; (b) where the company is not a domestic company- (i) on the income by way of dividends payable by any domestic company 24.5 per cent. 1.225 per cent. (ii) 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. 2.5 per cent.; (iii) 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. 2.5 per cent; (iv) on the income by way of interest payable on a tax free security 44 per cent. 2.2 per cen....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... (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. 40,000 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. 40,000 but does not exceed Rs. 60,000 Rs. 11,000 plus 60 per cent. of the amount by which the total income exceeds Rs. 40,000; (9) where the total income exceeds Rs. 60,000 but does not exceed Rs. 80,000 Rs. 23,000 plus 70 per cent. of the amount by which the total income exceeds Rs. 60,000; (10) where the total income exceeds Rs. 80,000 but does not exceed Rs. 1,00,000 Rs. 37,000 plus 70 per cent. of the amount by which the total income exceeds Rs. 80,000; (11) where the total income exceeds Rs. 1,00,000 but does not exceed Rs. 2,00,000 Rs. 52,000 plus 80 per cent. of the amount by which the total income exceeds Rs. 1,00,000; (12) where the total income exceeds Rs. 2,00,000 Rs. 1,32,000 plus 85 per cent. of the amount by which the total income exceeds Rs. 2,00,000 : Surcharge....
X X X X Extracts X X X X
X X X X Extracts X X X X
....; (9) where the total income exceeds Rs. 60,000 but does not exceed Rs. 80,000 Rs. 28,000 plus 75 per cent. of the amount by which the total income exceeds Rs. 60,000; (10) where the total income exceeds Rs. 80,000 but does not exceed Rs. 1,00,000 Rs. 43,000 plus 80 per cent. of the amount by which the total income exceeds Rs. 80,000; (11) where the total income exceeds Rs. 1,00,000 Rs. 59,000 plus 85 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 in accordance with the preceding provisions of the Sub-Paragraph shall be increased by a surcharge for purposes of this Union calculated at the rate of fifteen 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. 10,000 15 per cent. of the total income; (2) where the total income exceeds Rs. 10,000 but does not exceed Rs. 20,000 Rs. 1,500 plus 25 per cent. of the amount by which the total income exceeds Rs. 10,000; (3) where the total income exceeds Rs. 20,000 Rs. 4,000 plus 40 per cent. of the amount by whi....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 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 fifteen 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 total income the rate of income-tax the 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. Surcharge on income-tax The amount of income-tax computed at the rate hereinbefore specified shall be increased by a surcharge calculated at the rate of five per cent. of such income-tax. 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 ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... (1) of section 2 of the Income-tax Act shall be computed as if it were income chargeable to income-tax under that Act under the head "Income from other sources" and the provisions of sections 57 to 59 of that Act shall, so far as may be, apply accordingly : Provided that sub-section (2) of section 58 shall apply subject to the modification that the reference to section 40A therein shall be construed as not including a reference to sub-sections (3) and (4) of section 40A. Rule 2 - Agricultural income of the nature referred to in sub-clause (b) or sub-clause (c) of clause (1) of section 2 of the Income-tax Act [other than income derived from any building required as a dwelling house by the receiver of the rent or revenue or the cultivator or the receiver of rent-in-kind referred to in the said sub-clause (c)] shall be computed as if it were income chargeable to income-tax under that Act under the head "Profits and gains of business or profession" and the provisions of sections 30, 31, 32, 34, 36, 37, 38, 40, 40A [other than sub-sections (3) and (4) thereof], 41, 43, and 43A of the Income-tax Act shall, so far as may be, apply accordingly. Rule 3 - Agricultural income of the....