THE FIRST SCHEDULE
[See sections 2(4), 15(1), 62(1), 211(3), 230(11), 314(120)(K) and (158)]
RATES OF INCOME-TAX
PART I
The liability to income tax, of any person, in respect of his total income of a financial year, which does not include income from any special source, shall be the amount of income-tax calculated at the rate specified, and in the manner provided, in the following Paragraph A to Paragraph F:
Paragraph A
(I) In the case of every individual, other than the individual referred to in item (II) of this Paragraph, Hindu undivided family or artificial juridical person, 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-five years or more at any time during the financial 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. 5,00,000 |
10 per cent. of the amount by which the total income exceeds Rs. 2,50,000; |
|
(3) where the total income exceeds Rs. 20,000 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 income exceeds Rs. 10,00,000; |
Paragraph B
(I) 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. |
(II) In the case of every other society—
Rate of income-tax
|
On the whole of the total income |
30 per cent. |
Paragraph C
In the case of every non-profit organisation,—
Rate of income-tax
|
(i) when the total income does not Nil; exceed Rs. 1,00,000 |
|
|
(ii) where the total income exceeds Rs. 1,00,000 |
15 per cent. of the amount by which the total income exceeds Rs. 1,00,000 |
Paragraph D
In the case of every unincorporated body,—
Rate of income-tax
|
On the whole of the total income |
30 per cent. |
Paragraph E
In the case of a company,—
Rate of income-tax
|
On the whole of the total income |
30 per cent. |
PART II
In the cases to which Paragraph A of Part 1 applies, where the person has, in the financial year, any net agricultural income exceeding five thousand rupees, in addition to total income from ordinary sources and the total income exceeds the threshold limit, then,—
(a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in the total income after the threshold limit but without being liable to tax], only for the purpose of charging income-tax in respect of the total income; and
(b) the income-tax chargeable shall be calculated as follows:
(i) the total income and the net agricultural income shall be aggregated and the amount of income-tax shall be determined in respect of the aggregate income at the rates specified in the said Paragraph A, as if such aggregate income were the total income;
(ii) the net agricultural income shall be increased by the amount of threshold limit, and the amount of income-tax shall be determined in respect of the net agricultural income as so increased at the rates specified in the said Paragraph A, as if the net agricultural income as so increased were the total income;
(iii) the amount of income-tax determined in accordance with sub-clause (i) shall be reduced by the amount of income-tax determined in accordance with sub-clause (ii) and the sum so arrived at shall be the income-tax in respect of the total income.
PART III
Where, if the total income of a person specified in column (2) of the Table given below includes income from any special source specified in the corresponding entry in column (3) of the said Table, the liability to income-tax of the person shall be the aggregate of—
(a) the amount calculated at the rate specified in the corresponding entry in column (4) of the said Table on the income specified in the corresponding entry in column (3); and
(b) the amount of income-tax calculated in accordance with the provisions of Part I and Part II in respect of the balance of his total income, that is, the "total income from ordinary sources":
TABLE
|
Serial Number |
Person |
Nature of income |
Rate of tax |
|
(1) |
(2) |
(3) |
(4) |
|
1. |
Non-resident |
(a) On investment income by way of-
(i) interest
(ii) dividends on which distribution tax has not been paid under section 109.
(iii) Profit distributed by a fund on which tax on distributed income has not been paid under section 110
(b) On income by way of royalty or fees for technical services
(c) On income by way of insurance including reinsurance. |
20 per cent. |
|
20 per cent. |
|
20 per cent. |
|
20 per cent. |
|
2. |
Non-resident sportsperson, who is not a citizen of India |
On income by way of—
(i) participation in India in any game [other than a game the winnings wherefrom are taxable under item (ii) or item (iii) of serial number 4] or sport;
(ii) advertisement; or
(iii) contribution of articles relating to any game or sport in newspapers, magazines or journals in India. |
10 per cent. |
|
10 per cent. |
|
10 per cent. |
|
|
|
3. |
Non-resident sports association or institution |
On income by way of guarantee money in relation to any game or sports played in India. |
10 per cent. |
|
4. |
Any assessee whether resident or non-resident |
Income by way of winnings from— (i) any lottery or crossword puzzle;
(ii) race, including horse race (not being the income from the activity of owning and maintaining race horses); or
(iii) card game or any other game or gambling or betting |
30 per cent. |
