TaxTMI 
TaxTMI 
THE FIRST SCHEDULE
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....f the amount by which the total income exceeds Rs. 10,00,000. (II) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,- Rates of income-tax (1) where the total income does not exceed Rs. 3,00,000 Nil; (2) where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 5 per cent.of the amount by which the total income exceeds Rs. 3,00,000; (3) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 10,000 plus 20 per cent.of the amount by which the total income exceeds Rs. 5,00,000; (4) where the total income exceeds Rs. 10,00,000 Rs. 1,10,000 plus 30 per cent.of the amount by which the total income exceeds Rs. 10,00,000. (III) In the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year,- Rates of income-tax (1) where the total income does not exceed Rs. 5,00,000 Nil; (2) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 20 per cent. of the amount by which the total income exceed....
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....d in column C of the said Table, of such income-tax. TABLE 1 Sl.No. Person Rate of surcharge A B C 1 (i) Every individual; or (i) Where the total income (including dividend income or capital gains under the provisions of sections 111A, 112 and 112A of the said Act) exceeds Rs. 50,00,000 but does not exceed Rs. 1,00,00,000, at the rate of 10 per cent.; (ii) Hindu undivided family; or (ii) where the total income (including dividend income or capital gains under the provisions of sections 111A, 112 and 112A of the said Act) exceeds Rs. 1,00,00,000 but does not exceed Rs. 2,00,00,000, at the rate of 15 per cent.; (iii) association of persons, except in a case of an association of persons consisting of only companies as its members, whether incorporated or not; or (iii) where the total income (excluding dividend income or capital gains under the provisions of sections 111A, 112 and 112A of the said Act) exceeds Rs. 2,00,00,000 but does not exceed Rs. 5,00,00,000, at the rate of 25 per cent.; (iv) body of individuals, whether incorporated or not; or (iv) where the total income (excluding dividend income or capital gains under the provisions....
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....come-tax and surcharge thereon shall not exceed; Uo = the total amount payable as income-tax and surcharge, if applicable, on an amount as specified in column C of the Table 2 below; and Vo = the total income - amount as specified in column C of the said Table. TABLE 2 Sl. No. Person Amount Amount A B C D 1. Table 1: Sl. No. 1.B. Rs. 50,00,000. Rs. 1,00,00,000. Rs. 1,00,00,000. Rs. 2,00,00,000. Rs. 2,00,00,000. Rs. 5,00,00,000. Rs. 5,00,00,000. - 2. Table 1: Sl. No. 2.B. Rs. 50,00,000. Rs. 1,00,00,000. Rs. 1,00,00,000. - 3. Table 1: Sl. No. 3.B. Rs. 1,00,00,000. Rs. 10,00,00,000. Rs. 10,00,00,000. - 4. Table 1: Sl. No. 4.B. Rs. 1,00,00,000. - 5. Table 1: Sl. No. 5.B and 6.B. Rs. 1,00,00,000. Rs. 10,00,00,000. Rs. 10,00,00,000. - B.-- INCOME-TAX UNDER THE INCOME-TAX ACT, 2025 Paragraph A (I) In the case of every individual other than the individual referred to in items (II) and (III) of this Paragraph or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical p....
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....s Rs. 20000. Paragraph C In the case of every firm,- Rate of income-tax On the whole of the total income 30%. Paragraph D In the case of every local authority,- Rate of income-tax On the whole of the total income 30%. Paragraph E In the case of a company,- Rates of income-tax I. In the case of a domestic company,- (i) where its total turnover or the gross receipt in the tax year 2024-25 does not exceed Rs. 400 crores; 25% of the total income; (ii) other than that referred to in item (i) 30% 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 March, 1961 but before the 1st 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 February, 1964 but before the 1st April, 1976, and where such agreement has, in either case, been ap....
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.... consisting of only companies as its members. (i) Where the total income exceeds Rs. 5000000 but does not exceed Rs. 10000000, at the rate of 10%; (ii) where the total income exceeds Rs. 10000000, at the rate of 15%. 3. Every co-operative society. (i) Where the total income exceeds Rs. 10000000 but does not exceed Rs. 100000000, at the rate of 7%; (ii) where the total income exceeds Rs. 100000000, at the rate of 12%. 4. Every firm or local authority. Where the total income exceeds Rs. 10000000, at the rate of 12%. 5. Every domestic company. (i) Where the total income exceeds Rs. 10000000 but does not exceed Rs. 100000000, at the rate of 7%; (ii) where the total income exceeds Rs. 100000000, at the rate of 12%. 6. Every company, other than a domestic company. (i) Where the total income exceeds Rs. 10000000 but does not exceed Rs. 100000000, at the rate of 2%; (ii) where the total income exceeds Rs. 100000000, at the rate of 5%. Further, in respect of the persons mentioned in column B of the Table 2 below, having total income exceeding the amount as specified in column C of the said Table but does not exceed the amount specified i....
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....ablished by a Central, State or Provincial Act; (B) any debentures issued by a company where such debentures are listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and the rules made thereunder; (C) any security of the Central Government or State Government; (vii) on any other income 10%; (b) where the person is not resident in India,- (i) in the case of a non-resident Indian,- (A) on any investment income 20%; (B) on income by way of long-term capital gains referred to in section 214 or 197(4) of the said Act 12.5%; (C) on income by way of long-term capital gains referred to in section 198 of the said Act exceeding Rs. 125000 12.5%; (D) on other income by way of long-term capital gains [not being long-term capital gains referred to in Schedule II [Table: Sl. Nos. 14 and 17] [to the extent it relates to section 10(36) of the Income-tax Act, 1961 (43 of 1961)] of the said Act] 12.5%; (E) on income by way of short-term capital gains referred to in ....
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....- (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 (not being income by way of interest referred to in section 393(2) [Table: Sl. Nos. 2 to 5] of the said Act) 20%; (B) on income by way of royalty payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book referred to in section 207(3)(a) of the said Act, to the Indian concern, in respect of any computer software referred to in section 207(3)(b) of the said Act, to a person resident in India 20%; (C) on income by way of royalty [not being royalty of the nature referred to in sub-item (b)(ii)(B)] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter includ....
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...., crossword puzzles, card games and other games of any sort (other than winnings from online games) 30%; (ii) on income by way of winnings from horse races 30%; (iii) on income by way of net winnings from online games 30%; (iv) 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 (not being income by way of interest referred to in section 393(2) [Table: Sl. Nos. 2 to 5] of the said Act) 20%; (v) on income by way of royalty payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st March, 1976 where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book referred to in section 207(3)(a) of the said Act, to the Indian concern, or in respect of any computer software referred to in section 207(3)(b) of the said Act, to a person resident in India 20%; (vi) on income by way of royalty [not being royalty of the nature referred to in item (b)(v)] payable ....
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....umn B of the Table below, shall be increased by a surcharge, for the purposes of the Union, calculated at the rate or rates as specified in column C of the said Table, of such tax. TABLE Sl. No. Person in respect of which deduction has to be made Rate of surcharge A B C 1. (i) Every individual; or (i) Where the income or the aggregate of such incomes (including dividend income or capital gains under the provisions of sections 196, 197 and 198 of the said Act) paid or likely to be paid and subject to the deduction exceeds Rs. 5000000 but does not exceed Rs. 10000000, at the rate of 10%; (ii) Hindu undivided family; or (ii) where the income or the aggregate of such incomes (including dividend income or capital gains under the provisions of sections 196, 197 and 198 of the said Act) paid or likely to be paid and subject to the deduction exceeds Rs. 10000000 but does not exceed Rs. 20000000, at the rate of 15%; (iii) association of persons, except in a case of an association of persons consisting of only companies as its members, whether incorporated or not; or (iii) where the income or the aggregate of such incomes (excluding dividend income o....
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.... likely to be paid and subject to the deduction exceeds Rs. 20000000, at the rate of 25%; (iv) body of individuals, whether incorporated or not; or (iv) where the income or the aggregate of such incomes (including dividend income or capital gains under the provisions of sections 196, 197 and 198 of the said Act) paid or likely to be paid and subject to the deduction exceeds Rs. 20000000 but is not covered under clauses (iii), at the rate of 15%; (v) every artificial juridical person referred to in section 2(77)(g) of the said Act, being a non-resident where the income of such person is chargeable to tax under section 202 of the said Act. (v) where the total income includes dividend income or capital gains under sections 196, 197 and 198 of the said Act, the rate of surcharge on the amount of income-tax deducted in respect of that part of income shall not exceed 15% and the clause (i) or (ii), as the case may be, shall apply accordingly. 3. Association of persons, being a non-resident, and consisting of only companies as its members. (i) Where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds Rs. 500000....
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....08, 209, 210, 211, 214, 218 or 334 of the said Act] shall be charged, deducted or computed at the following rate or rates:- Paragraph A (I) In the case of every individual other than the individual referred to in items (II) and (III) of this Paragraph or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in section 2(77)(g) of the said Act, not being a case to which Paragraphs B, C, D and E of this Part applies,- Rates of income-tax (1) where the total income does not exceed Rs. 250000 Nil; (2) where the total income exceeds Rs. 250000 but does not exceed Rs. 500000 5% of the amount by which the total income exceeds Rs. 250000; (3) where the total income exceeds Rs. 500000 but does not exceed Rs. 1000000 Rs. 12500 plus 20% of the amount by which the total income exceeds Rs. 500000; (4) where the total income exceeds Rs. 1000000 Rs. 112500 plus 30% of the amount by which the total income exceeds Rs. 1000000. (II) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any tim....
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....he 1st 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 February, 1964 but before the 1st April, 1976, and where such agreement has, in either case, been approved by the Central Government; (ii) on the balance, if any, of the total income 35%. Paragraph F Surcharge on income-tax The amount of income-tax computed in accordance with the Paragraphs A to E, or the provisions of section 196, 197 or 198 of the said Act, in the case of person as specified in column B in Table 1 below, shall be increased by a surcharge, for the purposes of the Union, calculated at the rate or rates as specified in column C of the said Table, of such income-tax. TABLE 1 Sl. No. Person Rate of surcharge A B C 1. (i) Every individual; or (i) Where the total income (including dividend income or capital gains under the provisions of sections 196, 197 and 198 of the said Act) exceeds Rs. 5000000 but does not exceed Rs. 10000000, at the rate of 10%; (ii) Hindu undivided family; o....
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....10000000 but does not exceed Rs. 100000000, at the rate of 2%; (ii) where the total income exceeds Rs. 100000000, at the rate of 5%. Further, in respect of the persons mentioned in column B of the Table 2 below, having total income exceeding the amount as specified in column C of the said Table but does not exceed the amount specified in column D thereof, the total amount payable as income-tax and surcharge thereon shall not exceed the amount determined as per the following formula:- Wa = Ua + Va where,-- Wa = the total amount beyond which the total amount payable as income-tax and surcharge thereon shall not exceed; Ua = the total amount payable as income-tax and surcharge, if applicable, on an amount as specified in column C of the Table 2 below; and Va = the total income - amount as specified in column C of the said Table. TABLE 2 Sl. No. Person Amount Amount A B C D 1. Table 1: Sl. No. 1.B. Rs. 5000000. Rs. 10000000. Rs.10000000. Rs. 20000000. Rs. 20000000. Rs. 50000000. Rs. 50000000. - 2. Table 1: Sl. No. 2.B. Rs. 5000000. Rs. 10000000. Rs.10000000. - ....
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....ch income shall be computed as per rule 8 of the Income-tax Rules, 1962, and 60% of such income shall be regarded as the agricultural income of the assessee; (b) where the assessee derives income from sale of centrifuged latex or cenex or latex based crepes (such as pale latex crepe) or brown crepes (such as estate brown crepe, re-milled crepe, smoked blanket crepe or flat bark crepe) or technically specified block rubbers manufactured or processed by him from rubber plants grown by him in India, such income shall be computed as per rule 7A of the Income-tax Rules, 1962, and 65% of such income shall be regarded as the agricultural income of the assessee; (c) where the assessee derives income from sale of coffee grown and manufactured by him in India, such income shall be computed as per rule 7B of the Income-tax Rules, 1962, and 60% or 75%, as the case may be, of such income shall be regarded as the agricultural income of the assessee. Rule 5.-Where the assessee is a member of an association of persons or a body of individuals (other than a Hindu undivided family, a company or a firm) which in the previous year has either no income chargeable to tax under the s....
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....e assessment year commencing on the 1st April, 2019, 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 April, 2020 or the 1st April, 2021 or the 1st April, 2022 or the 1st April, 2023 or the 1st April, 2024, or the 1st April, 2025; (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2020, 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 April, 2021 or the 1st April, 2022 or the 1st April, 2023 or the 1st April, 2024, or the 1st April, 2025; (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st April, 2021, 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 April, 2022 or the 1st April, 2023 or the 1st April, 2024, or the 1st April, 2025; (v) the loss so computed for the previous year relevant to the assessment year commen....
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....re for assessment (including the provisions of section 288A relating to rounding off of income) shall, with the necessary modifications, apply in relation to the computation of the net agricultural income of the assessee as they apply in relation to the assessment of the total income. Rule 11.-For the purposes of computing the net agricultural income of the assessee, the Assessing Officer shall have the same powers as he has under the said Act for the purposes of assessment of the total income. B.-- UNDER THE INCOME-TAX ACT, 2025 [See section 3(18)(c)] Rule 1.-(1) Agricultural income of the nature referred to in section 2(5)(a) of the Income-tax Act, 2025 (30 of 2025) (hereafter in this Part IV-B referred to as the said Act) shall be computed as if it were income chargeable to income-tax under the said Act under the head "Income from other sources" and the provisions of sections 93 to 95 of the said Act shall, so far as may be, apply accordingly. (2) For the purposes of sub-rule (1), section 94(2) of the said Act shall apply subject to the modification that the reference to section 36 of the said Act therein shall be construed as not including a reference to sub-sect....
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.... income of the assessee. Rule 5.-Where the assessee is a member of an association of persons or a body of individuals (other than a Hindu undivided family, a company or a firm) which in the tax year has either no income chargeable to tax under the said Act or has total income not exceeding the maximum amount not chargeable to tax in the case of an association of persons or a body of individuals (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.-(1) Where the result of the computation for the tax 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 tax year from any other source of agricultural income. (2) Irrespective of anything contained in sub-rule (1), where the assessee is a member of an association of persons or a body of individuals and the share of the assessee in the agri....
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....ommencing on the 1st April, 2022, to the extent, if any, such loss has not been set off against the agricultural income for the tax year commencing on the 1st April, 2023 or the 1st April, 2024, or the 1st April, 2025; (vi) the loss so computed for the tax year commencing on the 1st April, 2023, to the extent, if any, such loss has not been set off against the agricultural income for the tax year commencing on the 1st April, 2024, or the 1st April, 2025; (vii) the loss so computed for the tax year commencing on the 1st April, 2024, to the extent, if any, such loss has not been set off against the agricultural income for the tax year commencing on the 1st April, 2025; (viii) the loss so computed for the tax year commencing on the 1st April, 2025, shall be set off against the agricultural income of the assessee for the tax year commencing on the 1st April, 2026. (2) 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) shall entitle any person, other than the person incurring the loss, to have it set off under sub-rule (1). (3) ....