TMI BlogTHE FIRST SCHEDULEX X X X Extracts X X X X X X X X Extracts X X X X ..... (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 time during the previous year,— Rates of income-tax (1) where the total income does not exceed Rs.2,25,000 Nil; (2) where the total income exceeds Rs.2,25,000 but does not exceed Rs.3,00,000 10 per cent. of the amount by which the total income exceeds Rs.2,25,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any where such debentures are listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made thereunder; (C) any security of the Central or State Government 10 per cent; (vi) on any other income (b) where the person is not resident in India- (i) in the case of a non-resident Indian- 10 per cent; (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 (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 In ..... 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(K) on the whole of the other income 30 per cent; (ii) in the case of any other person- (A) 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 (B) 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 (1A) of section 115A of the Income-tax Act, to a person resident in India- 20 per cent; (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 (C) on income by way of royalty [not being royalty of the nature ref ..... 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(iv) on any other income 10 per cent; (b) where the company is not a domestic company- (i) on income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort 30 per cent; (ii) on income by way of winnings from horse races 30 per cent; (iii) 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; (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 111A 15 per cent; (viii) on 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; (ix) on any other income 40 per cent Explanation.— For the purpose of item 1(b)(i) of this Part, "investment income" and "non-resident Indian" shall have the meanings assigned to them in Chapter XII-A of the Income-tax Act. Surcharge on income-tax The amount of income-tax deducted in accordance with the provisions of item 2(b) of this Part, shall be increased by a surcharge, for purposes of the Union, in the case of every company other than a domestic company, calculated at the rate of two and one-half 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. PART III RATES FOR CHARGING INCOME-TAX IN CERTAIN CASES, DEDUCTING INCOME-TAX FROM INCOME CHARGEABLE UNDER THE HEAD "SALARIES" AND COMPUTING "ADVANCE TAX" In cases in which income-tax has to be charged under sub-section (4) of section 172 of the Income-tax Act or sub-section (2) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exceeds Rs.1,90,000 but does not exceed Rs.3,00,000 10 per cent. of the amount by which the total income exceeds Rs.1,90,000; (3) where the total income exceeds Rs.3,00,000 but does not exceed Rs.5,00,000 Rs.11,000 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.51,000 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 time during the previous year, — Rates of income-tax (1) where the total income does not exceed Rs.2,40,000 Nil; (2) where the total income exceeds Rs.2,40,000 but does not exceed Rs.3,00,000 10 per cent. of the amount by which the total income exceeds Rs.2,40,000; (3) where the total income exceeds Rs.3,00,000 but does not exceed Rs.5,00,000 Rs.6,000 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.46,000 plus 30 per cent. of the amount by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt.: 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. PART IV [See section 2(12)(c)] RULES FOR COMPUTATION OF NET AGRICULTURAL INCOME Rule 1.— Agricultural income of the nature referred to in sub-clause (a) of clause (1A) of section 2 of the Income-tax Act shall be computed as if it were income chargeable to income-tax under that Act under the head "Income from other sources" and the provisions of sections 57 to 59 of that Act shall, so far as may be, apply accordingly: Provided that sub-section (2) of section 58 shall apply subject to the modification that the reference to section 40A therein shall be construed as not including a reference to sub-sections (3) and (4) of section 40A. Rule 2.— Agricultural income of the nature referred to in sub-clause (b) or sub-clause (c) of clause (1A) of section 2 of the Income-tax Act [other than income derived from any building required as a dwelling-hou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a company or a firm) which in the previous year has either no income chargeable to tax under the Income-tax Act or has total income not exceeding the maximum amount not chargeable to tax in the case of an association of persons or a body of individuals (other than a Hindu undivided family, a company or a firm) but has any agricultural income then, the agricultural income or loss of the association or body shall be computed in accordance with these rules and the share of the assessee in the agricultural income or loss so computed shall be regarded as the agricultural income or loss of the assessee. Rule 6.— Where the result of the computation for the previous year in respect of any source of agricultural income is a loss, such loss shall be set off against the income of the assessee, if any, for that previous year from any other source of agricultural income: Provided that where the assessee is a member of an association of persons or a body of individuals and the share of the assessee in the agricultural income of the association or body, as the case may be, is a loss, such loss shall not be set off against any income of the assessee from any other source of agricultural inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ral income for the previous year relevant to the assessment year commencing on the 1st day of April, 2005 or the 1st day of April, 2006 or the 1st day of April, 2007 or the 1st day 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, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pril, 2007 or the 1st day of April, 2008 or the 1st day of April, 2009, (iv) 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 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 fo ..... 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