TaxTMI 
TaxTMI 
First Schedule
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....does not exceed Rs. 10,000 10 per cent. of the total income; (2) where the total income exceeds Rs. 10,000 but does not exceed Rs. 20,000 Rs. 1,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 10,000; (3) where the total income exceeds Rs. 20,000 Rs. 3,000 plus 35 per cent. of the amount by which the total income exceeds Rs. 20,000. Paragraph C In the case of every firm,- Rate of income-tax On the whole of the total income 35 per cent. Paragraph D In the case of every local authority!- Rate of income-tax On the whole of the total income 30 per cent. Paragraph E In the case of a company,- Rate of income-tax I. In the case of a domestic company 35 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 India concern in pursuance of an agreement made 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....
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....s and crossword puzzles 40 per cent.; (F) on income by way of winnings from horse races 40 per cent.; (G) on the whole of other income 30 per cent.; (ii) in the case of any other person- (A) on income by way of interest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency 20 per cent.; (B) on income by way of winnings from lotteries and crossword puzzles 40 per cent.; (C) on income by way of winnings from horse races 40 per cent.; (D) on income by way of long-term capital gains 20 per cent.; (E) on the whole of the other income 30 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.; (ii) on income by way of winnings from lotteries and crossword puzzles 40 per cent.; (iii) on income by way of winnings from horse races 40 per cent.; (iv) on any other income 20 per cent.; (b) where the company is not....
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....nment or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy- (A) where the agreement is made after the 29th day of February, 1964 but before the 1st day of April, 1976 50 per cent.; (B) where the agreement is made after the 31st day of March, 1976 but before the 1st day of June, 1997 30 per cent.; (C) where the agreement is made on or after the 1st day of June, 1997 20 per cent.; (vii) on income by way of long-term capital gains 20 percent.; (viii) on any other income 48 per cent. Explanation.- For the purpose of item 1 (b)(i) of this Part, "investment income" and "non-resistant Indian" shall have the meanings assigned to them in Chapter XII-A of the Income-tax Act. PART III RATES FOR CALCULATING OR CHARGING INCOME-TAX IN CERTAIN CASES, DEDUCTING INCOME-TAX FROM INCOME CHARGEABLE UNDER THE HEAD "SALARIES" 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-sect....
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.... E In the case of a company,- Rates of income-tax I. In the case of a domestic company 35 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 made 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 48 per cent. PART IV [See section 2(10)(c)] RULES FOR COMPUTATION OF NET AGRICULTURAL INCOME Rule 1.- Agricultural income of the nature referred to in sub-clause (a) of clause (1A) of section 2 of the Income-tax Act shall be computed as....
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....ndividuals (other than a Hindu undivided family, a company or a firm) but has any agricultural income, then, the agricultural income or loss of the association or body shall be computed in accordance with these rules and the share of the assessee in the agricultural income or loss so computed shall be regarded as the agricultural income or loss of the assessee. Rule 6.- Where the result of the computation for the previous year in respect of any source of agricultural income is a loss, such loss shall be set off against the income of the assessee, if any, for that previous year from any other source of agricultural income: Provided that where the assessee is a member of an association of persons or a body of individuals and the share of the assessee in the agricultural income of the 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 7.- 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 8.- (1) Where the assessee has, in the previous y....
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....oss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1994, 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, 1995 or the 1st day of April, 1996 or the 1st day of April, 1997, (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1995, 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, 1996 or the 1st day of April, 1997, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1996, 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, 1997, (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1997, shall be set off against the agricultural income of t....
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....mmencing on the 1st day of April, 1994, 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, 1995 or the 1st day of April, 1996 or the 1st day of April, 1997 or the 1st day of April, 1998, (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1995, 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, 1996 or the 1st day of April, 1997 or the 1st day of April, 1998, (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1996, 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, 1997 or the 1st day of April, 1998, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1997, to the extent, if any, such loss has not ....