TMI BlogRates of Income Tax for the Assessment Year 2009-10X X X X Extracts X X X X X X X X Extracts X X X X ..... n thousand rupees", the words "one lakh fifty thousand rupees" shall be substituted; ( B ) in the first proviso,- ( I ) for the words ' "one lakh ten thousand rupees" ', the words ' "one lakh fifty thousand rupees" ' shall be substituted; ( II ) for the words ' "one lakh forty-five thousand rupees" ', the words ' "one lakh eighty thousand rupees" ' shall be substituted; ( C ) in the second proviso,- ( I ) for the words ' "one lakh ten thousand rupees" ', the words ' "one lakh fifty thousand rupees" ' shall be substituted; ( II ) for the words ' "one lakh ninety-five thousand rupees" ', the words ' "two lakh twenty five thousand rupees" ' shall be substituted; ( D ) in the third proviso, the words, figures and letter ", as reduced by the amount of rebate of income-tax calculated under Chapter VIII-A of the Income-tax Act," shall be omitted; ( iii ) in sub-section ( 3 ), in the opening portion, for the words "the Income-tax Act", the words, figures and brackets "the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act)" shall be substituted; ( iv ) in sub-section ( 13 ), in clause ( a ), for the figures "2008", the figures "2009" shall be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0; (3) where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 Rs. 7,500 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. 47,500 plus 30 per cent. of the amount by which the total income exceeds Rs. 5,00,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or in section 111A or section 112, shall,— ( i ) in the case of every individual or Hindu undivided family or association of persons or body of individuals having a total income exceeding ten lakh rupees, be increased by a surcharge for purposes of the Union calculated at the rate of ten per cent. of such income-tax; ( ii ) in the case of every person, other than those mentioned in item ( i ), 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 case of persons mentioned in item ( i ) above having a total income exceeding ten lakh rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the tota ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such agreement has, in either case, been approved by the Central Government 50 per cent.; ( ii ) on the balance, if any, of the total income 40 per cent. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or in section 111A or section 112, shall, in the case of every company, be increased by a surcharge for purposes of the Union calculated,— ( i ) in the case of every domestic company having a total income exceeding one crore rupees, at the rate of ten per cent. of such income-tax; ( ii ) in the case of every company other than a domestic company having a total income exceeding one crore rupees, at the rate of two and one-half per cent.: Provided that in the case of every company 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."; ( ii ) in Part IV, in Rule 8,- ( A ) for sub-rules ( 1 ) and ( 2 ), the following sub-rules shall be substituted, namel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of April, 2008, ( v ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2005, 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, 2006 or the 1st day of April, 2007 or the 1st day of April, 2008, ( vi ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2006, 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, 2007 or the 1st day of April, 2008, ( vii ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2007, 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, 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 agricultur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncing on the 1st day of April, 2005, 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, 2006 or the 1st day of April, 2007 or the 1st day of April, 2008 or the 1st day of April, 2009, ( v ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2006, 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, 2007 or the 1st day of April, 2008 or the 1st day of April, 2009, ( vi ) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2007, 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, 2008 or the 1st day of April, 2009, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2008, to the extent, if any, such loss has not been set off again ..... 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