TMI BlogIncome-taxX X X X Extracts X X X X X X X X Extracts X X X X ..... y individual, Hindu undivided family, association of persons and body of individuals, whether incorporated or not, at the rate of ten per cent, of such income-tax where the total income exceeds eight hundred and fifty thousand rupees; (b) in the case of every co-operative society, firm, local authority and company, at the rate of two and one-half per cent. of such income-tax; (c) 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 income-tax."; (iii) in sub-section (6), in clause (a), for the words "exceeds Rupees" the word "exceeds" shall be substituted; (iv) in sub-section (8), in clause (a), for the words "exceeds rupees", the word "exceeds" shall be substituted; (v) in sub-section (11), in clause (a), for the figures "2003", the figures "2004" shall be substituted; (b) in the First Schedule,- (i) for PART-I, the following PART shall be substituted, namely:- "PART-I INCOME-TAX Paragraph A In the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 112, shall, in the case of every co-operative society, be increased by a surcharge for purposes of the Union calculated at the rate of two and one-half per cent. of such income-tax. Paragraph C In the case of every firm,- Rate of income-tax On the whole of the total income 35 per cent. Surcharge on income-tax The amount of income-tax computed at the rate hereinbefore specified, or in section 112, shall, in the case of every firm; be increased by a surcharge for purposes of the Union calculated at the rate of two and one-half per cent. of such income-tax. Paragraph D In the case of every local authority,- Rate of income-tax On the whole of the total income 30 per cent. Surcharge on income-tax The amount of income-tax computed at the rate hereinbefore specified, or in section 112, shall, in the case of every local authority, be increased by a surcharge for purposes of the Union calculated at the rate of two and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the 1st day of April, 1997 or the 1st day of April, 1998 or the 1st day of April, 1999 or 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, (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1997, 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, 1998 or the 1st day of April, 1999 or 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, (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1998, 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, 1999 or 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, (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1997, 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, 1998 or the 1st day of April, 1999 or 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, (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1998, 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, 1999 or 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, (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1999, 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 ..... 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