Insertion of Tenth Schedule

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....ONS OF THIS ACT SHALL APPLY IN CASES WHERE THE PREVIOUS YEAR IN RELATION TO THE ASSESSMENT YEAR COMMENCING ON THE 1ST APRIL, 1989, REFERRED TO IN SECTION 3 (2), EXCEEDS TWELVE MONTHS 1. Definition. In this Schedule, "transitional previous year" means the period reckoned as the previous year for the assessment year commencing on the 1st day of April, 1989, in the manner s....

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....ts specified in the corresponding entry in column (2) of the said Table, shall be construed as a reference to the said amount or amounts ag increased by multiplying each such amount by a fraction of which the numerator is the number of months in the transitional previous year and the denominator is twelve: Provided that for the purposes of this rule and rules 5 and 6, where the transition....

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.... Section 80L(I) . . . . . 7,000 (occurring in two places) Section 80L(1)-1st proviso . . . . . . 3,000 Section 80L(I)-2nd proviso . . . . . .  2,000 Section 80U . . . . . . 15,000 Section 139A . . . . . . 50,000 4. Modification in section 6 Where the transitional previous year comprises a period of eighteen months or more, then, sub-section (1) of....

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....is the number of months in the transitional previous year and the denominator is twelve. 6. Modification in respect of rate of tax. The tax chargeable on the total income of the transitional previous year shall be calculated at the average rate of tax on the amount obtained by multiplying such total income by a fraction of which the numerator is twelve and the denominator is the ....