THE SECOND SCHEDULE
[See Sections 104(1), (6), 109(2), 110(3), 111(2), 112(2), 230(11) and 314(225)]
RATES OF OTHER TAXES
A.—Tax on book profit
1. The income-tax referred to in sub-section (1) of section 103 shall be calculated at the rate specified hereunder:—
Rate of tax
|
On the amount of book profit |
20 per cent. |
B.—Tax on distributed profits of a domestic company
2. The tax referred to in sub-section (2) of section 109 shall be calculated at the rate specified hereunder:—
Rate of tax
|
On the amount of dividend declared, distributed or paid by a domestic company |
15 per cent. |
C.—Tax on distributed income
3. The tax referred to in sub-section (3) of section 110 shall be calculated at the rates specified hereunder:—
Rates of tax
|
On the amount of income distributed by
(i) a mutual fund to the unit holders of equity oriented fund; or |
05 per cent. |
|
(ii) life insurer to the policy holders of an approved equity oriented life insurance scheme |
05 per cent. |
D.—Tax on branch profits
4. The tax referred to in sub-section (2) of section 111 shall be calculated at the rate specified hereunder:—
Rate of tax
|
On the branch profits |
15 per cent. |
E.—Tax on net wealth
5. The tax referred to in sub-section (2) of section 112 shall be calculated at the rates specified and in the manner provided hereunder:—
Rate of tax
|
(1) where the net wealth as on the valuation date does not exceed one crore rupees |
NIL |
|
(2) where the net wealth, as on the valuation date exceeds rupees one crore |
1 per cent. of the amount by which the net wealth exceeds one corore rupees |
