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First Schedule
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.... 15,000; (5) where the total income exceeds Rs. 20,000 but does not exceed Rs. 25,000 Rs. 2,230 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. 3,730 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. 5,730 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. 15,730 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. 27,730 plus 70 per cent. of the amount by which the total income exceeds Rs. 70,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Sub-Paragraph shall be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent. of such income-tax. Sub-Paragraph II In the case of every Hindu undivided family which at any time during the previous year has a....
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....agraph I In the case of every registered firm, not being a case to which Sub-Paragraph II of this Paragraph applies, - 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 5 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. 750 plus 7 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. 2,500 plus 15 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. 10,000 plus 24 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 this Sub-Paragraph shall be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent. of such income-tax. Sub-Paragraph II In the case of every registered firm whose total income includes income deri....
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..... 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, - (i) in a case where the total income does not exceed Rs. 1,00,000 45 per cent. of the total income; (ii) in a case where the total income exceeds Rs. 1,00,000 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. 2,00,000 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 is exceeds Rs. 1,00,000, shall not exceed the aggregate of (a) the income-tax whi....
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....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; (ii) on the income by way of interest payable on a tax free security 15 per cent. 1.5 per cent.; 2. In the case 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. (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. 2.5 per cent.; (iii) on the income by way of fe....
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....ncome exceeds Rs. 15,000; (4) where the total income exceeds Rs. 20,000 but does not exceed Rs. 25,000 Rs. 2,190 plus 30 per cent of the amount by which the total income exceeds Rs. 20,000; (5) where the total income exceeds Rs. 25,000 but does not exceed Rs. 30,000 Rs. 3,690 plus 40 per cent. of the amount by which the total income exceeds Rs. 25,000; (6) where the total income exceeds Rs. 30,000 but does not exceed Rs. 50,000 Rs. 5,690 plus 50 per cent. of the amount by which the total income exceeds Rs. 30,000; (7) where the total income exceeds Rs. 50,000 but does not exceed Rs. 70,000 Rs. 15,690 plus 60 per cent. of the amount by which the total income exceeds Rs. 50,000; (8) where the total income exceeds Rs. 70,000 Rs. 27,690 plus 70 per cent. of the amount by which the total income exceeds Rs. 70,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Sub-Paragraph shall be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent. of such income-tax. Sub-Paragraph II In the case of every Hindu undivided family which at any time during the pre....
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....) 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 5 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. 750 plus 7 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. 2,500 plus 15 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. 10,000 plus 24 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 this Sub-Paragraph shall be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent. of such income-tax. Sub-Paragraph II In the case of every 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, - Rates of Income-Tax ....
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....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, - (i) in a case where the total income does not exceed Rs. 1,00,000 45 per cent. of the total income; (ii) in a case where the total income exceeds Rs. 1,00,000 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. 2,00,000 55 per cent.; of the total income; (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 - (i) the income-tax payable by a domestic company, being a company in which the public are substantially interested, the total income of which is exceeds Rs. 1,00,000, 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. 1,00,000 (the income of Rs. 1,00,000 for this purpose being computed ....
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.... may be, apply accordingly. Rule 3 - Agricultural income of the nature referred to in sub-clause (c) of clause (1) of section 2 of the Income-tax Act, being 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 "Income from house property" and the provisions of sections 23 to 27 of that Act shall, so far as may be, apply accordingly : Provided that sub-section (2) of the said section 23 shall apply subject to the modifications that the references to "total income" therein shall be construed as references to net agricultural income and that the words, figures and letter "and before making any deduction under Chapter VIA" shall be omitted. Rule 4 - Notwithstanding anything contained in any other provisions of these rules, in a case where the assessee derived income from sale of tea, grown and manufactured by him in India, such income shall be computed in accordance with rule 8 of the Income-tax Rules, 1962, and sixty per cent. of such income shall b....
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.... may be, is a loss, such loss shall not be set off against any income of the assessee from any other source of agricultural income. Rule 8 - Any sum payable by the assessee on account of any tax levied by the State Government on the agricultural income shall be deducted in computing the agricultural income. Rule 9 - (1) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 1975, any agricultural income and the net result of the computation of the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 1974 is a loss, then, for the purposes of sub-section (2) of section 2 of this Act, the loss so computed shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 1975. (2) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 1976 or, if by virtue of any provision of the Income-tax Act, income-tax is to be charged in respect of the income of a period other than that previous year, in such other ....
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....ns of the Income-tax Act relating to procedure for assessment (including the provisions of section 288A relating to rounding off of income) shall, with the necessary modifications, apply in relation to the computation of the net agricultural income of the assessee as they apply in relation to the assessment of the total income. Rule 12 - For the purposes of computing the net agricultural income of the assessee, the Income-tax Officer shall have the same powers as he has under the Income-tax Act for the purposes of assessment of the total income. *************** NOTES:- 1. Substituted vide section 3 of the Finance (Amendment) Act, 1975 dated 31-07-1975 w.e.f. 01-04-1975 before it was read as, "Paragraph A Sub-Paragraph I 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 (vii) of clause (31) of section 2 of the Income-tax Act, not being a case to which Sub-Paragraph II of this Paragraph or any other Paragraph of this Part appli....