Income-tax

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....ed, namely :- "(1) Subject to the provisions of sub-sections (2) and (4), for the assessment year commencing on the 1st day of April, 1977, income-tax shall be charged at the rates specified in Part I of the First Schedule and shall be increased, - (a) in the cases to which Paragraphs A, B, C and D of that Part apply, by a surcharge for purposes of the Union; and (b) in the cases to which Paragraph E of that Part applies, by a surcharge, calculated in each case in the manner provided therein : Provided that where an assessee, being a company, has made, during the financial year commencing on the 1st day of April, 1976, any deposit with the Industrial Development Bank of India established under th....

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.... the deposit."; (iv) in sub-section (9), in clause (b), for the figures "1976", the figure "1977" shall be substituted; (b) in the First Schedule, - (i) in Part I, - (1) for Paragraph A, the following Paragraph shall be substituted namely :- "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 applies, - RATES OF INCOME-TAX (1) where ....

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.... 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 at least one member whose total income of the previous year relevant to the assessment year commencing on the 1st day of April, 1977, exceeds Rs. 8,000, - Rates of Income-tax (1) where the total income does not exceed Rs. 8,000 Nil; (2) where the total income exceeds Rs. 8,000 but does not exceed Rs. 15,000 18 per cent. of the amount by which the total income exceeds Rs. 8,000; (3) where the total income exceeds Rs. 15,000 but does not exceed Rs. 20,000 Rs. 1,260 plus 2....

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.... words, figures and letters "after the 31st day of March, 1961, or", the words, figures and letters "after the 31st day of March, 1961, but before the 1st day of April, 1976, or" shall be substituted; (C) for the words, figures and letters "after the 29th day of February, 1964,", the words, figures and letters "after the 29th day of February, 1964, but before the 1st day of April, 1976," shall be substituted; (ii) in Part III, in Sub-Paragraph II of Paragraph A, for the figures "1977", the figures "1978" shall be substituted; (iii) in Part IV, in rule 9, - (a) for sub-rules (1) and (2), the following sub-rules shall be substituted, namely :- (1) Where the assessee has, in the previous year releva....

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....of the Finance Act, 1976 (66 of 1976), as applied for the purposes of this Act. (2) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 1978, 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 period, any agricultural income and the net result of the computation of the agricultural income of the assessee for any one or more of the previous years relevant to the assessment years commencing on the 1st day of April, 1974, or the 1st day of April, 1975, or the 1st day of April, 1976, or the 1st day of April, 1977, is a loss, then, for the purposes of sub-section....