THE SECOND SCHEDULE
RATES OF OTHER TAXES
A. Tax on gross assets
1. The amount referred to in clause (b) of sub-section (3) of section 3 shall be calculated at the rate specified, and in the manner provided, here under.
Rate of tax
|
(a) |
On the value of the gross assets, as on the close of the financial year, of a banking company. |
0.25 per cent. |
|
(b) |
On the value of the gross assets, as on the close of the financial year, of any other company. |
2 per cent. |
B. Tax on dividends distributed
2. The amount referred to in sub-section (1) of section 99 shall be calculated at the rate specified, and in the manner provided, here under.
Rate of tax
|
On the amount of dividends, whether interim or otherwise, declared by a domestic company |
15 per cent. |
C. Tax on branch profits
3. The amount referred to in sub-section (1) of section 100 shall be calculated at the rate specified, and in the manner provided, here under.
Rate of tax
|
On the branch profits |
15 per cent. |
D. Tax on net wealth
4. The amount referred to in sub-section (1) of section 101 shall be calculated at the rate specified, and in the manner provided, here under.
Rate of tax
|
(1) |
where the net wealth, as on the valuation date, does not exceed rupees fifty crores |
Nil |
|
(2) |
where the net wealth, as on the valuation date, exceeds rupees fifty crores |
0.25 per cent of the amount by which the net wealth exceeds rupees fifty crores |
