TaxTMI 
TaxTMI 
First Schedule
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.... 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,- 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 re....
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....nd crossword puzzles 40 per cent.; (F) on income by way of winnings from horse races 40 percent.; (G) on the whole of the 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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....rnment 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 per cent.; (viii) on any other income 48 per cent. Explanation.- For the purpose of item 1(b)(i) of this Part, "investment income" and "non-resident Indian" shall have the meanings assigned to them in Chapter XII-A of the Income-tax Act. Surcharge on income-tax The amount of income-tax deducted in accordance with the provisions of- (a) sub-item (a) of item 1 of this Part shall be increased by a surcharge for the purposes of the Union; and (b) sub-item (a) of item 2 of this Part shall be increased by a surcharge, calculated at the rate of t....
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....duced by the amount of rebate of income-tax calculated under Chapter VIII-A, and the income-tax as so reduced, (ii) in the case of every person, other than those mentioned in item (i), be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent. of such income-tax: Provided that no such surcharge shall be payable by a non-resident: Provided further that in case of persons mentioned in item (i) above having a total income exceeding sixty thousand rupees, the total amount payable as income-tax and surcharge on such income shall riot exceed the total amount payable as income-tax on a total income of sixty thousand rupees by more than the amount of income that exceeds sixty thousand rupees. Paragraph B In the case of every co-operative society,- Rates of income-tax (1) where the total income 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 percent. 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 t....
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....ion 113, shall, in the case of every domestic company be increased by a surcharge calculated at the rate of ten per cent. of such income-tax. PART TV [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 if it were income chargeable to income-tax under that Act under the head "Income from other sources" and the provisions of sections 57 to 59 of that Act shall, so far as may be, apply accordingly: Provided that sub-section (2) of section 58 shall apply subject to the modification that the reference to section 40A therein shall be construed as not including a reference to subsections (J) and (4) of section 40A. Rule 2.- Agricultural income of the nature referred to in sub-clause (b)- or sub-clause (c) of clause (1A) of section 2 of the Income-tax Act [other than income derived from any building required as a dwelling house by the receiver of the rent or revenue of 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 incom....
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....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 year relevant to the assessment year commencing on the 1st day of April, 1999, 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, 1991 or the 1st day of April, 1992 or the 1st day of April, 1993 or the 1st day of April, 1994 or 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, 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. 1991, to the extent, if any, such loss has not been set off against the agricultural income for the previous ....
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....1997, 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, 1998. (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1998, 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, 1999. (2) Where the assessee has in the previous year relevant to the assessment year commencing on the 1st day of April, 2000 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, 1992 or the 1st day of April, 1993 or the 1st day of April, 1994 or 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 or the 1st day ....
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....tent, 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, 1998 or the 1st day of April, 1999, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1998, 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, 1999, (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1999, 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, 2000. (3) Where any person deriving any agricultural income from any source has been succeeded in such capacity by another person, otherwise than by inheritance, nothing in sub-rule (1) or sub-rule (2) shall entitle any person, other than the person incurring the loss, to have it set off under sub-rule (i) or, as the case may be, sub-rule (2). (4) Notwithstanding anything contained i....