TMI BlogTHE FIRST SCHEDULEX X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 1,45,000 Nil; (2) where the total income exceeds Rs. 1,45,000 but does not exceed Rs. 1,50,000 10 per cent. of the amount by which the total income exceeds Rs. 1,45,000; (3) where the total income exceeds Rs. 1,50,000 but does not exceed Rs. 2,50,000 Rs. 500 plus 20 per cent. of the amount by which the total income exceeds Rs. 1,50,000; (4) where the total income exceeds Rs. 2,50,000 Rs. 20,500 plus 30 per cent. of the amount by which the total income exceeds Rs. 2,50,000. (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. 1,95,000 Nil; (2) where the total income exceeds Rs. 1,95,000 but does not exceed Rs. 2,50,000 20 per cent. of the amount by which the total income exceeds Rs. 1,95,000; (3) where the total inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 D In the case of every local authority,— Rate of income-tax On the whole of the total income 30 per cent. Paragraph E In the case of a company,— Rates of income-tax I. In the case of a domestic company 30 per cent. of the total income; II. In the case of a company other than a domestic company— (i) on so much of the total income as consists of,— (a) royalties received from 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, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by 50 per cent.; the Central Government (ii) on the balance, if any, of the total income 40 per cent. Surcharge on income-tax The amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of a non-resident Indian— (A) on any investment income 20 per cent.; (B) on income by way of long-term capital gains referred to in section115E 10 per cent.; (C) on income by way of short-term capital gains referred to in section 111A 15 per cent.; (D) on other income by way of long-term capital gains [not being long-term capital gains referred to in clauses (33), (36) and (38) of section 10] 20 per cent.; (E) 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 20 per cent.; (F) 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 where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (1A) of section 115A of the Income-tax Act, to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made by it with the Government or the Indian concern where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (1A) of section 115A of the Income-tax Act, to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section (1A) of section 115A of the Incometax Act, to a person resident in India— (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.: (C) on income by way of royalty [not being royalty of the nature referred to in sub-item (b)(ii)(B)] 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vernment or the Indian concern in foreign currency 20 per cent.; (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 consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (1A) of section 115A of the Income-tax Act, to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section (1A) of section 115A of the Income-tax Act, to a person resident in India— (A) where the agreement is made before the 1st day of June, 1997 30 per cent.; (B) 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.; (C) where the agreement is made on or after the 1st day of June, 2005 10 per cent.; (v) 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 pursua ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in accordance with the provisions of— (A) item 1 of this Part, shall be increased by a surcharge, for purposes of the Union, calculated,— (i) in the case of every individual, Hindu undivided family, association of persons and body of individuals, whether incorporated or not, at the rate of ten per cent. of such tax where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds ten lakh rupees; (ii) in the case of every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, at the rate of ten per cent. of such tax; (iii) in the case of every firm at the rate of ten per cent. of such tax where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees; (B) item 2 of this Part, shall be increased by a surcharge, for purposes of the Union, calculated,— (i) in the case of every domestic company at the rate of ten per cent. of such income-tax where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees; (ii) in the case of every compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 Rs. 15,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 3,00,000; (4) where the total income exceeds Rs. 5,00,000 Rs. 55,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 5,00,000. (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. 1,80,000 Nil; (2) where the total income exceeds Rs. 1,80,000 but does not exceed Rs. 3,00,000 10 per cent. of the amount by which the total income exceeds Rs. 1,80,000; (3) where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 Rs. 12,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 3,00,000; (4) where the total income exceeds Rs. 5,00,000 Rs. 52,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 5,00,000. (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 ti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of every firm having a total income exceeding one crore rupees, be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent of such income-tax : Provided that in the case of every firm 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. Paragraph D In the case of every local authority,— Rate of income-tax On the whole of the total income 30 per cent. Paragraph E Rates of income-tax In the case of a company,— I. In the case of a domestic company 30 per cent. of the total income; 30 per cent. II. In the case of a company other than a domestic company— (i) on so much of the total income as consists of,— (a) royalties received from 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, 1961 but before the 1st day of April, 1976; or (b) fees for ren ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 by the receiver of the rent or revenue or 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 "Income from house property" and the provisions of sections 23 to 27 of that Act shall, so far as may be, apply accordingly. Rule 4.—Notwithstanding anything contained in any other provisions of these rules, in a case— (a) where the assessee derives income from sale of tea grown and manufactured 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 2008, 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, 2000 or the 1st day of April, 2001 or the 1st day of April, 2002 or the 1st day of April, 2003 or the 1st day of April, 2004 or the 1st day of April, 2005 or the 1 st day of April, 2006 or the 1st day of April, 2007, is a loss, then, for the purposes of sub-section (2) of section 2 of this Act,— (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2000, 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, 2001 or the 1st day of April, 2002 or the 1st day of April, 2003 or the 1 st day of April, 2004 or the 1st day of April, 2005 or the 1st day of April, 2006 or the 1st day of April, 2007, (ii) the loss so computed for the previous year relevant to the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee for the previous year relevant to the assessment year commencing on the 1st day of April, 2008. (2) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 2009, 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 previous year, in such other period, 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, 2001 or the 1st day of April, 2002 or the 1st day of April, 2003 or the 1st day of April, 2004 or the 1st day of April, 2005 or the 1 st day of April, 2006 or the 1st day of April, 2007 or the 1st day of April, 2008, is a loss, then, for the purposes of sub-section (10) of section 2 of this Act,— (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2001, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the previous year relevant to the assessment year commencing on the 1st day of April, 2008, (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2008, 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, 2009. (3) Where any person deriving any agricultural income from any source has been succeeded in such capacity by another person, otherwise than by inheritance, nothing in sub-rule (1) or sub-rule (2) shall entitle any person, other than the person incurring the loss, to have it set off under sub-rule (1) or, as the case may be, sub-rule (2). (4) Notwithstanding anything contained in this rule, no loss which has not been determined by the Assessing Officer under the provisions of these rules or the rules contained in Part IV of the First Schedule to the Finance Act, 2000 (10 of 2000), or of the First Schedule to the Finance Act, 2001 (14 of 2001), or of the First Schedule to the Finance Act, 2002 (20 of 2002), or of the First Schedule to the Finance Act, 2003 (32 of 2003), or of the First Schedule to the Fi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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