TMI BlogRates of Income-TaxX X X X Extracts X X X X X X X X Extracts X X X X ..... s follows:— ( i ) the total income and the net agricultural income shall be aggregated and the amount of income-tax shall be determined in respect of the aggregate income at the rates specified in the said Paragraph A, as if such aggregate income were the total income; ( ii ) the net agricultural income shall be increased by a sum of one lakh sixty thousand rupees, and the amount of income-tax shall be determined in respect of the net agricultural income as so increased at the rates specified in the said Paragraph A, as if the net agricultural income as so increased were the total income; ( iii ) the amount of income-tax determined in accordance with sub-clause ( i ) shall be reduced by the amount of income-tax determined in accordance with sub-clause ( ii ) and the sum so arrived at shall be the income-tax in respect of the total income: Provided that in the case of every woman, resident in India and below the age of sixty-five years at any time during the previous year, referred to in item ( II ) of Paragraph A of Part I of the First Schedule, the provisions of this sub-section shall have effect as if for the words "one lakh sixty thousand rupees", the words "one lakh nin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e-tax Act, the tax shall be charged and paid at the rates as specified in those sections and shall be increased by a surcharge, for purposes of the Union, calculated at the rate of seven and one-half per cent. of such tax. ( 5 ) In cases in which tax has to be deducted under sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income-tax Act, at the rates in force, the deductions shall be made at the rates specified in Part II of the First Schedule and shall be increased by a surcharge, for purposes of the Union, calculated in cases wherever prescribed, in the manner provided therein. ( 6 ) In cases in which tax has to be deducted under sections 194C, 194E, 194EE, 194F, 194G, 194H, 194-I, 194J, 194LA, 196B, 196C and 196D of the Income-tax Act, the deductions shall be made at the rates specified in those sections and 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 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. ( 7 ) In cases in which tax has to be col ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Income-tax Act, "advance tax" computed under the first proviso shall be increased by a surcharge, for purposes of the Union, calculated,— ( a ) in the case of every domestic company, at the rate of seven and one-half per cent. of such "advance tax" where the total income exceeds one crore rupees; ( b ) in the case of every company, other than a domestic company, at the rate of two and one-half per cent. of such "advance tax" where the total income exceeds one crore rupees: Provided also that in the case of every company having total income chargeable to tax under section 115JB of the Income-tax Act, and such income exceeds one crore rupees, the total amount payable as "advance tax" on such income and surcharge thereon, shall not exceed the total amount payable as "advance tax" on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. ( 10 ) In cases to which Paragraph A of Part III of the First Schedule applies, where the assessee has, in the previous year 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 per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sixty-five years or more at any time during the previous year, referred to in item ( III ) of Paragraph A of Part III of the First Schedule, the provisions of this sub-section shall have effect as if for the words "one lakh sixty thousand rupees", the words "two lakh forty thousand rupees" had been substituted. ( 11 ) The amount of income-tax as specified in sub-sections ( 1 ) to ( 10 ) and as increased by the applicable surcharge, for purposes of the Union, calculated in the manner provided therein, shall be further increased by an additional surcharge, for purposes of the Union, to be called the "Education Cess on income-tax", calculated at the rate of two per cent. of such income-tax and surcharge so as to fulfil the commitment of the Government to provide and finance universalised quality basic education: Provided that nothing contained in this sub-section shall apply to cases in which tax is to be deducted or collected under the sections of the Income-tax Act mentioned in sub-sections ( 5 ), ( 6 ), ( 7 ) and ( 8 ), if the income subjected to deduction of tax at source or collection of tax at source is paid to a domestic company and any other person who is resident in Indi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deductions under the Income-tax Act; and the rates at which advance tax is to be paid, tax is to be deducted at source from, or paid on, income chargeable under the head Salaries and tax is to be calculated and charged in special cases for the financial year 2010-2011. Rates of income-tax for the assessment year 2010-2011 Part I of the First Schedule to the Bill specifies the rates at which income is liable to tax for the assessment year 2010-2011. These rates are the same as those, specified in Part III of the First Schedule to the Finance (No.2) Act, 2009, for the purposes of deduction of tax at source from Salaries , computation of advance tax and charging of income-tax in special cases during the financial year 2009-2010. Rates of deduction of tax at source during the financial year 2010-2011 from income other than Salaries Part II of the First Schedule to the Bill specifies the rates at which income-tax is to be deducted at source during the financial year 2010-2011 from income other than Salaries . The rates are the same as those specified in Part II of the First Schedule to the Finance (No. 2) Act, 2009 for the purposes of deduction of income tax at source du ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 5,00,001 to 8,00,000 20 per cent. Above ₹ 8,00,000 30 per cent. No surcharge shall be levied in the case of persons covered in paragraph A of Part-III of the First Schedule. Paragraph B of this Part specifies the rates of income-tax in the case of every co-operative society. In such cases, the rates of tax will continue to be the same as those specified for the assessment year 2010-2011. No surcharge will be levied. Paragraph C of this Part specifies the rate of income-tax in the case of every firm. In such cases, the rate of tax will continue to be the same as that specified for the assessment year 2010-2011. No surcharge will be levied. Paragraph D of this Part specifies the rate of income-tax in the case of every local authority. In such cases, the rate of tax will continue to be the same as that specified for the assessment year 2010-2011. No surcharge will be levied. Paragraph E of this Part specifies the rates of income-tax in the case of companies. In such cases, the rates of tax will continue to be the same as that specified for the assessment year 2010-2011. For t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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