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First Schedule
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....xceeds Rs. 20,000; (5) where the total income exceeds Rs. 25,000 but does not exceed Rs. 30,000 Rs. 3,200 plus 30 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. 4,700 plus 40 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. 12,700 plus 50 per cent. of the amount by which the total income exceeds Rs. 50,000; (8) where the total income exceeds Rs. 70,000 but does not exceed Rs. 1,00,000 Rs. 22,700 plus 55 per cent. of the amount by which the total income exceeds Rs. 70,000; (9) where the total income exceeds Rs. 1,00,000 Rs. 39,200 plus 60 per cent. of the amount by which the total income exceeds Rs. 1,00,000 : Provided that for the purposes of this Sub-Paragraph, - (i) no income-tax shall be payable on a total income not exceeding Rs. 10,000; (ii) where the total income exceeds Rs. 10,000 but does not exceed Rs. 12,000, the income-tax payable thereon shall not exceed thirty per cent. of the amount by which the total income exceeds....
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.... 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 which the total income exceeds Rs. 20,000; 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 twenty per cent. of such income-tax. Paragraph C Sub-Paragraph 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 ....
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....ax. Paragraph E In the case of a company, - 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) where the total income does5 not exceed Rs. 2,00,000 55 per cent. of the total income; (b) where the total income exceeds Rs. 2,00,000 60 per cent. of the total income; (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 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. ....
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.... India - (i) on income by way of interest other than "Interest on securities" 10 per cent Nil; (ii) on income by way of winnings from lotteries and crossword puzzles 30 per cent. 3 per cent.; (iii) on income by way of winnings from horse races 30 per cent 3 per cent.; (iv) on income by way of insurance commission 10 per cent. Nil; (v) on income by way of interest payable on - (A) any security, other than a tax-free security; of the Central or a State Government (B) any debentures or other securities for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act (C) any debentures issued by a company where such debentures are listed in a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956), and any rules made thereunder 10 per cent Nil; (vi) on any other income (excluding interest payable on a tax-free security) 21 per cent. 2 per cent.; (b) where the person is not resident in India - (i) on....
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....il; (2) on the balance, if any, of such income 40 per cent. Nil; (iv) on income by way of fees for technical services payable by an Indian concern in pursuance of an agreement made by it with the Indian concern and which has been approved by the Central Government - (A) where the agreement is made after the 29th day of February, 1964, but before the 1st day of April, 1976 50 per cent. 3.75 per cent.; (B) where the agreement is made after the 31st day of March, 1976 40 per cent. Nil; (v) on income by way of interest payable on a tax-free security 44 per cent. 3.3 per cent.; (vi) on any other income 70 per cent. 5.25 per cent. PART III Rates For Calculating or Charging Income-Tax in Certain Cases, Deducting Income-Tax from income chargeable under the head "salaries" or any payment referred to in sub-section (9) of section 80e and computing "advance tax". In cases in which income-tax has to be calculated under the first proviso to sub-section (5) of section 132 of the Income-tax Act or charged under sub-section (4) of section 172 or sub-section (2) of section 174 ....
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.... income exceeds Rs. 70,000; (9) where the total income exceeds Rs. 1,00,000 Rs. 39,200 plus 60 per cent. of the amount by which the total income exceeds Rs. 1,00,000 Provided that for the purposes of this Sub-Paragraph, - (i) no income-tax shall be payable on a total income not exceeding Rs. 12,000; (ii) where the total income exceeds Rs. 12,000 but does not exceed Rs. 16,250, the income-tax payable thereon shall not exceed thirty per cent. of the amount by which the total income exceeds Rs. 12,000. 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 at least one member whose total income of the previous year relevant to the assessment year commencing on the 1st day of April, 1981, exceeds Rs. 12,000, - 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 ....
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....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 derived from a profession carried on by it and the income so included is not less than fifty-one per cent. of such ....
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....ided 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 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 as if such income included income from various sources in the same proportion as the total income of the company); and (b) eighty per cent. of the amount by which its total income exceeds Rs. 1,00,000; (ii) the income-tax payable by a domestic company, not being a company in which the public are substantially interested, which is an industrial company and the total income of which exceeds Rs. 2,00,000, 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. 2,00,000 (the income of Rs. 2,00,000 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) eighty per cent. of the amount by whi....
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....eferred 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 derives 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 be regarded as the agricultural income of the assessee. Rule 5 - Where the....
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....he 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, 1980, 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, or the 1st day of April, 1978, or the 1st day of April, 1979, is a loss, then, for the purposes of sub-section (2) of section 2 of this Act, - (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1974, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1975, or the 1st day of April, 1976, or the 1st day of April, 1....
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....day of April, 1977, or the 1st day of April, 1978, or the 1st day of April, 1979, or the 1st day of April, 1980, is a loss, then, for the purposes of sub-section (6) of section 2 of this Act, - (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1974, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1975, or the 1st day of April, 1976, or the 1st day of April, 1977, or the 1st day of April, 1978, or the 1st day of April, 1979, or the 1st day of April, 1980, (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1975, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 1976, or the 1st day of April, 1977, or the 1st day of April, 1978, or the 1st day of April, 1979, or the 1st day of April, 1980, (iii) the loss so computed for the previous year relevant to the assessment year commencing o....