TMI BlogTHE FIRST SCHEDULE - (See section 2)X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 1,90,000 Nil; (2) where the total income 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 theprevious 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 whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es 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. PART II RATES FOR D EDUC TION OF TAX AT SOURCE IN CERTAIN CASES In every case in which under the provisions of sections 193, 194, 194A, 194B, 194BB, 194D and 195 of the Income-tax Act, tax is to be deducted at the rates in force, deduction shall be made from the income subject to the deduction at the following rates:— Rate of income-tax 1. In the case of a person other than a company— (a) where the person is resident in India— (i) on income by way of interest other than " ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... June, 2005 20 per cent.; (II) where the agreement is made on or after the 1st day of June, 2005 10 per cent.; (G) on income by way of royalty [not being royalty of the nature referred to in sub-item (b)(i)(F)] 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 agreement is in accordance with that policy— (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.; (H) on income by way of fees for technical services 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 in ..... 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(II) where the agreement is made on or after the 1st day of June, 2005 10 per cent.; (D) on income by way of fees for technical services 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 agreement is in accordance with that policy— (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.; (E) on income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort 30 per cent.; (F) on income by way of winnings from horse races 30 per cent.; (G) on income by way of short-term capital gains referred to in section 111A 15 per cent.; (H) on income by way of long-term capital gains [not being long-term capital g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy— (A) where the agreement is made after the 31st day of March, 1961 but before the 1st day of April, 1976 50 per cent.; (B) where the agreement is made after the 31st day of March, 1976 but before the 1st day of June, 1997 30 per cent.; (C) 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.; (D) where the agreement is made on or after the 1st day of June, 2005 10 per cent.; (vi) on income by way of fees for technical services 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 agreement is in accordance with that policy— (A) where the agreement is made after the 29th day of Febr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rge, wherever applicable, on such "advance tax" in respect of any income chargeable to tax under section 115A or section 115AB or section 115AC or section 115ACA or section 115AD or section 115B or section 115BB or section 115BBA or section 115BBC or section 115E or section 115JB] shall be charged, deducted or computed at the following rate or rates:— Paragraph A (I) In the case of every individual other than the individual referred to in items (II) and (III) of this Paragraph or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, not being a case to which any other Paragraph of this Part applies,— Rates of income-tax (1) where the total income does not exceed Rs. 1,60,000 Nil; (2) where the total income exceeds Rs.1,60,000 but does not exceed Rs. 5,00,000 10 per cent. of the amount by which the total income exceeds Rs. 1,60,000; (3) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 8,00,000 Rs. 34,000 plus 20 per cent. of the amount by which th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the Central Government 50 per cent.; (ii) on the balance, if any, 40 per cent. of the total income. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or 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 assessee; (b) where the assessee derives income from sale of centrifuged latex or cenex or latex based crepes (such as pale latex crepe) or brown crepes (such as estate brown crepe, re-milled crepe, smoked blanket crepe or flat bark crepe) or technically specified block rubbers manufactured or processed by him from rubber plants grown by him in India, such income shall be computed in accordance with rule 7A of the Income-tax Rules, 1962, and sixty-five per cent. of such income shall be regarded as the agricultural income of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1st day of April, 2009, 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, 2002, 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, 2003 or the 1st 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 or the 1st day of April, 2008 or the 1st day of April, 2009, (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2003, 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, 2004 or 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 or the 1st day of April, 2009, (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2004, to the extent, if any, such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ious years relevant to the assessment years commencing on the 1st day of April, 2003 or the 1st 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 or the 1st day of April, 2008 or the 1st day of April, 2009 or the 1st day of April, 2010, 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, 2003, 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, 2004 or 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 or the 1st day of April, 2009 or the 1st day of April, 2010, (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2004, 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, 2005 or the 1st day of April, 2006 or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g 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, 2002 (20 of 2002), or of the First Schedule to the Finance Act, 2003 (32 of 2003), or of the First Schedule to the Finance (No. 2) Act, 2004 (23 of 2004) or of the First Schedule to the Finance Act, 2005 (18 of 2005), or of the First Schedule to the Finance Act, 2006 (21 of 2006) or of the First Schedule to the Finance Act, 2007 (22 of 2007) or of the First Schedule to the Finance Act, 2008 (18 of 2008) or of the First Schedule to the Finance (No. 2) Act, 2009 (33 of 2009) shall be set off under sub-rule (1) or, as the case may be, sub-rule (2). Rule 9 .—Where the net result of the computation made in accordance with these rules is a loss, the loss so computed shall be ignored and the net agricultural income shall be deemed to be nil. Rule 10 .—The provisions of the Income-t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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