TMI BlogIncome- TaxX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 two lakh 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 individual, being a resident in India, who is of the age of sixty years or more but less than eighty 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 word ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 115-O or section 115QA or sub-section ( 2 ) of section 115R or section 115TA of the Income-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 ten 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, 194-IA, 194J, 194LA, 194LB, 194LC, 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, ( 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 juridical person ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exceeds ten crore rupees. ( 9 ) Subject to the provisions of sub-section ( 10 ), in cases in which income-tax has to be charged under sub-section ( 4 ) of section 172 or sub-section ( 2 ) of section 174 or section 174A or section 175 or sub-section ( 2 ) of section 176 of the Income-tax Act or deducted from, or paid on, income chargeable under the head Salaries under section 192 of the said Act or in which the advance tax payable under Chapter XVII-C of the said Act has to be computed at the rate or rates in force, such income-tax or, as the case may be, advance tax shall be so charged, deducted or computed at the rate or rates specified in Part III of the First Schedule and such tax shall be increased by a surcharge, for purposes of the Union, calculated in such cases and in such manner as provided therein: Provided that in cases to which the provisions of Chapter XII or Chapter XII-A or section 115JB or section 115JC or sub-section ( 1A ) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act apply, advance tax shall be computed with reference to the rates imposed by this sub-section or the rates as specified in that Chapter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase of every company having total income chargeable to tax under section 115JB of the Income-tax Act, and such income exceeds one crore rupees but does not exceed ten 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: 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 ten 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 and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees. ( 10 ) In cases to which Paragraph A of Part III of the First Schedule applies, where the assesse 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 period, any net agricultural income exceed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing a resident in India, who is of the age of eighty 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 two lakh rupees , the words five lakh rupees had been substituted: Provided also that the amount of income-tax or advance tax so arrived at, shall be increased by a surcharge for purposes of the Union calculated in each case, in the manner provided therein. ( 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dule to the Bill, specifies the rates at which income-tax is to be levied on income chargeable to tax for the assessment year 2013-14. Further, it lays down the rates at which tax is to be deducted at source during the financial year 2013-14 from income other than Salaries subject to such 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 2013-14. Rates of income-tax for the assessment year 2013-14 Part I of the First Schedule to the Bill specifies the rates at which income is liable to tax for the assessment year 2013-14. These rates are the same as those specified in Part III of the First Schedule to the Finance Act, 2012, 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 2012-13. Rates for deduction of tax at source during the financial year 2013-14 from income other than Salaries Part II of the First Schedule to the Bill ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income-tax Act, not being a case to which any other Paragraph of this Part applies:- Up to ₹ 2,00,000 Nil ₹ 2,00,001 to ₹ 5,00,000 10 per cent. ₹ 5,00,001 to ₹ 10,00,000 20 per cent. Above ₹ 10,00,000 30 per cent. (ii) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than the age of eighty years at any time during the previous year:- Up to ₹ 2,50,000 Nil; ₹ 2,50,001 to ₹ 5,00,000 10 per cent. ₹ 5,00,001 to ₹ 10,00,000 20 per cent. Above ₹ 10,00,000 30 per cent. (iii) In the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year:- Up to ₹ 5,00,000 Nil; ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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