TMI BlogTHE FIRST SCHEDULE-(See section 2) - RATES OF INCOME-TAXX X X X Extracts X X X X X X X X Extracts X X X X ..... 0. Rs. 94,000 plus 30 per cent. of the amount by which (II) In the case of every individual, being a woman resident in India, and below the age of sixty-five years at any time during the previous year, Rates of income-tax (1) where the total income does not exceed Rs. 1,90,000 Nil; (2) where the total income exceeds Rs. 1,90,000 but does not exceed Rs. 5,00,000 10 per cent. of the amount by which the total income exceeds Rs. 1,90,000; (3) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 8,00,000 Rs. 31,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; (4) where the total income exceeds Rs. 8,00,000 Rs. 91,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 8,00,000. (III) In the case of every individual, being a resident in India, who is of the age of sixty-five years or more at any time during the previous year, Rates of income-tax (1) where the total income does not exceed Rs. 2,40,000 Nil; (2) where the total income exceeds Rs. 2,40,000 but does not exceed Rs. 5,00,000 10 pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... surcharge for purposes of the Union calculated, (i) in the case of every domestic company having a total income exceeding one crore rupees, at the rate of seven and one- half per cent. of such income-tax; (ii) in the case of every company other than a domestic company having a total income exceeding one crore rupees, at the rate of two and one-half per cent.: Provided that in the case of every company having a total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. PART II RATES FOR DEDUCTION OF TAX AT SOURCE IN CERTAIN CASES In every case in which under the provisions of sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income-tax Act, tax is to be deducted at the rates in force, deduction shall be made from the income subject to the deduction at the following rates: Rate of income-tax 1. In the case of a person other than a company (a) where the person is resident in India (i) on income by way of interest o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i) where the agreement is made on or after the 1st day of June, 1997 but before the 1st day of June, 2005 10 per cent.; (ii) where the agreement is made on or after the 1st day of June, 2005 20 per cent.; (C) on income by way of royalty [not being royalty of the nature referred to in sub-item (b)(i)(F)] 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 included in the industrial policy,for the time being in force, of the Government of India, the agreement is in accordance with that policy 20 per cent.; (i) where the agreement is made on or after the 1st day of June, 1997 but before the 1st day of June, 2005 10 per cent.; (II) where the agreement is made on or after the 1st day of June, 2005 20 per cent.; (D) 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 where such agre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Government of India, the agreement is in accordance with that policy (i) where the agreement is made on or after the 1st day of June, 1997 but before the 1st day of June, 2005 20 per cent.; (ii) where the agreement is made on or after the 1st day of June, 2005 10 per cent.; (D) 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 where such agreement is with an Indian concern, the agreement is approved by the Central Government 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 (i) where the agreement is made on or after the 1st day of June, 1997 but before the 1st day of June, 2005 20 per cent.; (ii) where the agreement is made on or after the 1st day of June, 2005 10 per cent.; (E) on income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort 30 per cent.; (F) on income by way of winnings from h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade on or after the 1st day of June, 2005 10 per cent.; (vi) on income by way of royalty [not being royalty of the nature referred to in sub-item (b)(iv)] 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 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 31st day of March, 1961 but before the 1st day of April, 1976 (B) where the agreement is made after the 31st day of March, 1976 but before the 1st day of June, 1997 (C) where the agreement is made on or after the 1st day of June, 1997 but before the 1st day of June, 2005 (D) where the agreement is made on or after the 1st day of June, 2005 50 per cent.; 30 per cent.; 20 per cent.; 10 per cent.; (vii) on income by way of fees for technical services payable by Government or an Indian concern in pursuance of an agreement made by i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct has to be computed at the rate or rates in force, such income-tax or, as the case may be, advance tax [not being advance tax in respect of any income chargeable to tax under Chapter XII or Chapter XII-A or income chargeable to tax under section 115JB or section 115JC or sub-section (1A) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act at the rates as specified in that Chapter or section or surcharge, wherever applicable, on such advance tax in respect of any income chargeable to tax under section 115A or section 115AB or section 115AC or section 115ACA or section 115AD or section 115B or section 115BB or section 115BBA or section 115BBC or section 115BBD or section 115E or section 115JB or section 115JC] 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), (III) and (IV) of this Paragraph or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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.5,000,000 but does not exceed Rs. 8,00,000 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; (3) where the total income exceeds Rs. 8,00,000 Rs. 60,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 8,00,000. 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 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 30 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 sub-sections (3) 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 income-tax under that Act under the head Profits and gains of business or profession and the provisions of sections 30, 31, 32, 36, 37, 38, 40, 40A [other than sub-sections (3) and (4) thereof], 41, 43, 43A, 43B and 43C 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 (1A) of section 2 of the Income-tax Act, being income derived from any building required as a dwelling-house b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 year relevant to the assessment year commencing on the 1st day of April, 2011, 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, 2003 or the 1st day of April, 2004 or the 1st day of April, 2005 or the 1st day of April, 2006 or the 1st day of Apr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... commencing on the 1st day of April, 2008, to 30 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, 2009 or the 1st day of April, 2010, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2009, 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, 2010, (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2010,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, 2011. (2) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 2012, 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 the 40 previous year, in such other period, any agricultural income and the net result of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011, (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2009, 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, 2010 or the 1st day of April, 2011, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2010, 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, 2011, (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2011, 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, 2012. (3) Where any person deriving any agricultural income from any source ..... X X X X Extracts X X X X X X X X Extracts X X X X
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