TMI BlogTHE FIRST SCHEDULE - INCOME-TAXX X X X Extracts X X X X X X X X Extracts X X X X ..... total in- come 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. 2,00,000 Nil; (2) where the total income exceeds Rs. 2,00,000; but does not exceed Rs. 5,00,000 10 per cent of the amount by which the total income exceeds Rs. 2,50,000; (3) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 25,000 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. 1,25,000 plus 30 per cent of the amount by which the total in-come 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. 10,00,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come exceeding one crore rupees, at the rate of five 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 per cent of such income-tax: 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 other than Interest on securities (ii) on income by way of winnings from lotteries, crossword puzzles, card games and othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 (H) on income by way of fees for technical services payable by Government or an Indian concern in pursuance of an agreement made by it, on or after the 1st day of April, 1976, 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) on income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort (J) on income by way of winnings from horse races (K) on the whole of the other income (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 incurre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lauses (33), (36) and (38) of section 10] (J) on the whole of the other income 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 (ii) on income by way of winnings from lotteries,crossword puzzles, card games and other games of any sort (iii) on income by way of winnings from horse races (iv) on any other income (b) where the company is not a domestic company (i) on income by way of winnings from lotteries,crossword puzzles, card games and other games of any sort (ii) on income by way of winnings from horse races (iii) 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 194LB or section 194LC) (iv) 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 day of March, 1976 where such royalty is in considerat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt; 30 per cent; 10 per cent; 10 per cent; 10 per cent; 20 per cent; 10 per cent; 15 per cent; 20 per cent; 20 per cent; 25 per cent; 25 per cent; 25 per cent; 30 per cent; 30 per cent; 30 per cent; 20 per cent; 25 per cent; 25 per cent; 25 per cent; 30 per cent; 30 per cent; 15 per cent; 10 per cent; 20 per cent; 30 per cent. 10 per cent; 30 per cent; 10 per cent; 30 per cent; 30 per cent; 20 per cent; 25 per cent; 50 per cent; 25 per cent; 50 per cent; 25 per cent; 15 per cent; 10 per cent; 20 per cent; 40 per cent; Surcharge on income-tax The amount of income-tax deducted in accordance with the provisions of (i) item 1 of this Part, shall be increased by a surcharge, for purposes of the Union, in the case of every person being a non-resident, calculated at the rate of ten ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, not being a case to which any other Paragraph of this Part applies, Rates of income-tax (1) where the total income does not exceed Rs. 2,00,000 Nil; (2) where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000 10 per cent of the amount by which the total income exceeds Rs. 2,00,000; (3) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 30,000 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. 1,30,000 plus 30 per cent of 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. 2,50,000 Nil; (2) where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 20,000 Rs. 3,000 plus 30 per cent of the amount by which the total income exceeds Rs. 20,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or in section 111A or section 112, shall, in the case of every co-operative society, having a total income exceeding one crore rupees, be increased by a surcharge for the purpose of the Union calculated at the rate of ten per cent of such income-tax: Provided that in the case of every co-operative society mentioned above having total income exceeding one crore rupees, the total amount payable as incometax 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. Paragraph C In the case of every firm, Rate of income-tax On the whole of the total income 30 per cent Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or in section 111A or section 112, shall, in the case of every firm, having a to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome-tax computed in accordance with the preceding provisions of this Paragraph, or in section 111A or section 112, shall, be increased by a surcharge for purposes of the Union calculated, (i) in the case of every domestic company, (a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of five per cent of such income-tax; and (b) having a total income exceeding ten crore rupees, at the rate of ten per cent of such income-tax; (ii) in the case of every company other than a domestic company, (a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of two per cent of such income-tax; and (b) having a total income exceeding ten crore rupees, at the rate of five per cent of such income-tax: Provided that in the case of every company having a total income exceeding one crore rupees but not exceeding ten 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 rupee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tured by him in India, such income shall be computed in accordance with rule 8 of the Income-tax Rules, 1962, and sixty per cent 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 in accordance with rule 7A of the Income-tax Rules, 1962, and sixty-five per cent 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 in accordance with rule 7B of the Income-tax Rules, 1962, and sixty per cent or seventyfive per cent, 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 undiv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2008 or the 1st day of April, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012, (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2006, 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, 2007 or the 1st day of April, 2008 or the 1st day of April, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012, (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2007, 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, 2008 or the 1st day of April, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011or the 1st day of April, 2012, (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2008, to the extent, if any, such loss has not been set off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us year relevant to the assessment year commencing on the 1st day of April, 2006, 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, 2007 or the 1st day of April, 2008 or the 1st day of April, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013, (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2007, 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, 2008 or the 1st day of April, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013, (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2008, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ontained in the First Schedule to the Finance Act, 2005 (18 of 2005), or of the First Schedule to the Finance Act, 2006 (21 of 2006) or of the First Schedule to the Finance Act, 2007 (22 of 2007) or of the First Schedule to the Finance Act, 2008 (18 of 2008) or of the First Schedule to the Finance (No. 2) Act, 2009 (33 of 2009) or of the First Schedule to the Finance Act, 2010 (14 of 2010) or of the First Schedule to the Finance Act, 2011 (8 of 2011) or of the First Schedule to the Finance Act, 2012 (23 of 2012) shall be set off under sub-rule (1) or, as the case may be, sub-rule (2). Rule 9. Where the net result of the computation made in accordance with these rules is a loss, the loss so computed shall be ignored and the net agricultural income shall be deemed to be nil. Rule 10. The provisions of the Income-tax Act relating to procedure 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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