TaxTMI 
TaxTMI 
First Schedule
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.... Rs. 30,000; (5) where the total income exceeds Rs. 50,000 but does not exceed Rs. 60,000 Rs. 12,700 plus 50 per cent. of the amount by which the total income exceeds Rs. 50,000; (6) where the total income exceeds Rs. 60,000 but does not exceed Rs. 70,000 Rs. 17,700 plus 52.5 per cent. of the amount by which the total income exceeds Rs. 60,000; (7) where the total income exceeds Rs. 70,000 but does not exceed Rs. 85,000 Rs. 22,950 plus 55 per cent. of the amount by which the total income exceeds Rs. 70,000; (8) where the total income exceeds Rs. 85,000 but does not exceed Rs. 1,00,000 Rs. 31,200 plus 57.5 per cent. of the amount by which the total income exceeds Rs. 85,000; (9) where the total income exceeds Rs. 1,00,000 Rs. 39,825 plus 60 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 Hindu undivided family which at any time during the pr....
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....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 ten 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. 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 of the (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 c....
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.... the total income; (b) where the total income exceeds Rs. 2,00,00 60 per cent. of the total income; (ii) in any other case 65 per cent. of the total income; Provided that (i) the income-ta 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 compute....
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....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, and any rules made thereunder (vi) on any other income (excluding interest payable on a tax-free security), 20 per cent. 2.5 per cent; (b) where the person is not resident in India- (i) in the case of a non-resident Indian- (A) on investment income and long term capital gains 20 per cent. 2.5 per cent.; (B) on income by way of interest payable on a tax-free security 15 per cent. 1.875 per cent.; (C) on the whole of the other income income-tax at 30 per cent. and surcharge at 3.75 per cent. of the amount of the income, or income-tax and surcharge on income-tax in respect of the income at the rates prescribed in Sub-Paragraph I of Paragraph A of Part III of this Schedule, if such income had been the total income, whichever is higher; (ii) in the case of any othe....
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.... lump sum consideration for the transfer outside India of, or the imparting of information outside India in respect of, any data, documentation, drawing or specification relating to any patent, invention, model, design, secret formula or process, or trade mark or similar property 20 per cent. Nil; (2) on the balance, if any, of such income 40 per cent. Nil; (v) on income by way of fees for technical services payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or 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 1^st day of April, 1976 50 per cent. 2.5 per cent.; (B) where the agreement is made after the 31st day of March 1976 40 per cent Nil; (vi) or income by way of interest payable on a tax-free security 44 per cent. 2.2 per cent.; (vii) on any other income 70 per cent. 3.5 per cent. Explanation. For the purpose of this Part, "investment income", "long-term capital gains" and "non-resident Indian" shall have the ....
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....s. 30,000 but does not exceed Rs. 50,000 Rs. 4,500 plus 40 per cent. of the amount .by which the total income exceeds Rs. 30,000; (6) where the total income exceeds Rs. 50,000 but does not exceed Rs. 60,000 Rs. 12,500 plus 50 per cent. of the amount by which the total income exceeds Rs. 50,000; (7) where the total income exceeds Rs. 60,000 but does not exceed Rs. 70,000 Rs. 17,500 plus 52.5 per cent. of the amount by which the total income exceeds Rs. 60,000; (8) where the total income; exceeds Rs. 70,000 but does not exceed Rs. 85,000 Rs. 22,750 plus 55 per cent. of the amount by which the total income exceeds Rs. 70,000; (9) where the total income exceeds Rs. 85,000 but does not exceed Rs. 1,00,000 Rs. 31,000 plus 57.5 per cent. of the amount by which the total income exceeds Rs. 85,000; (10) where the total income exceeds Rs. 1,00,000 Rs. 39,625 plus 60 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 twelve and....
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....,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 twelve and a half 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 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 excee....
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.... (i) in the case of an industrial company 60 per cent. of the total income; (ii) in any other case 65 per cent. of the total income. II. In the case of a company other than a domestic company,- (i) on so much of the total income as consists of- (a) royalties received from Government or an Indian concern in pursuance of an agreement Imade by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976, or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976. and where such agreement has, in either case, been approved by the Central Government 50 per cent.; (ii) on the balance, if any, of the total income 70 per cent. Surcharge on income-tax The amount of income-tax computed in accordance with the proceeding provisions of this Paragraph shall be increased by a surcharge calculated at the rate of five per cent, of such income-tax. Explanation. For ....
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....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 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. Rute 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 accor....
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.... of the assessee in the agricultural income of the firm, association or body, as the case 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, 1983, 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, 1975 or the 1st day of April, 1976 or the 1st day of April, 1977 or the 1^st day of April, 1978 or the 1st day of April, 1979 or the 1st day of April, 1980 or the 1st day of April, 1981 or the 1st day of April, 1982, 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, 1975, to the extent, if any, ....
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....evious year relevant to the assessment year commencing on the 1st day of April, 1981, 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, 1982, and (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1982, shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1^st day of April, 1983. (2) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 1984 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, 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 Apri....
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....relevant to the assessment year commencing on the 1st day of April, 1981, 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, 1982 or the 1st day of April, 1983, (vii) the loss so computed for the previous year relevant to assessment year commencing on the 1st day of April, 1982, 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, 1983, (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1983, shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1^st day of April, 1984, or the period aforesaid. (3) Where a change has occurred in the constitution of a firm, nothing in sub-rule (1) or sub-rule (2) shall entitle the firm to set off so much of the loss proportionate to the share of a retired or deceased partner computed in the manner laid down in sub-section (1), sub-section....