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 ..... ceeds Rs. 10,00,000. (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 eighty years at any time during the previous year, Rates of income-tax (1) where the total income does not exceed Rs. 2,50,000 Nil (2) where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 10 per cent. of the amount by which the total income exceeds Rs. 2,50,000; (3) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 25,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; (4) where the total income exceeds Rs. 10,00,000 Rs. 1,25,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 10,00,000. (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, Rates of income-tax (1) where the total income does not exceed Rs. 5,00,000 Nil (2) where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 20 per cen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... total income exceeding one crore rupees, at the rate of five 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 per cent. of such income-tax: 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 DEDUCTION 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 "Interest on securities 10 per cent (ii) on income by way of winnings from lotteries, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome-tax Act, to a person resident in India 25 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, on or after the 1st day of April, 1976, 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 matterincluded in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy 25 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, on or after the 1st day of April, 1976, 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 30 per cent (I) o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cent. (E) on income by way of winnings from lotteries, crossword puzzles, card gamesand 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 referred to in sub-clause (iii) of clause (c) of sub-section (1) of section 112 10per cent (I) 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] 20per cent (J) on the whole of the other income 30 per cent 2. In the case of a company (a) where the company is a domestic company (i) on income by way of interest other than "Interest on securities" 10 per cent (ii) on income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort 30 per cent (iii) on income by way of winnings from horse races 30 per cent (iv) on any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Government of India, the agreement is in accordance with that policy (A) where the agreement is made after the 29th day of February, 1964 but before the 1st day of April, 1976 50 per cent (B) where the agreement is made after the 31st day of March, 1976 25 per cent (vii) on income by way of short-term capital gains referred to in section 111A 15 per cent (viii) on income by way of long-term capital gains referred to in sub-clause (iii) of clause (c) of sub-section (1) of section 112 10 per cent (ix) 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 (x) on any other income 40 per cent Explanation. For the purpose of item 1(b)(i) of this Part, "investment income" and "non-residentIndian" 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 (i) item 1 of this Part, shall be increased by a surcharge, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is 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, Rate of income-tax (1)where the total income does not exceed Rs. 2,00,000 Nil (2)where the total income exceeds Rs. 2,00,000 but does notexceed Rs. 5,00,000 10 per cent. of the amount by which the total income exceeds Rs. 2,00,000; (3)where the total income exceeds Rs. 5,00,000 but does notexceed Rs. 10,00,000 Rs. 30,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 5,00,000; (4)where the total income exceeds Rs. 10,00,000 Rs. 1,30,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 10,00,000. (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 eighty years at any time during the previous year, Rates of income-tax (1)where the total income does not exceed Rs. 2,50,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e exceeds Rs.10,000; (3)where the total income exceeds Rs. 20,000 Rs. 3,000 plus 30 per cent. of the amount by which the total income exceeds Rs.20,000. 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, in the case of every co-operative society, having a total income exceeding one crore rupees, be increased by a surcharge for the purpose of the Union calculated at the rate of ten per cent. of such income-tax: Provided that in the case of every co-operative society mentioned above having 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 C In the case of every firm, Rates of income-tax On the whole of the total income 30 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 ..... 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(a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rateof five per cent. of such income-tax; and (b) having a total income exceeding ten 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, (a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of two per cent. of such income-tax; and (b) having a total income exceeding ten crore rupees, at the rate of five per cent. of such income-tax: Provided that in the case of every company having a total income exceeding one crore rupees but notexceeding ten 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: Provided further that in the case of every company having a total income exceeding ten crore rupees,the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 assessee; (c) where the assessee derives income from sale of coffee grown and manufactured by him in India,such income shall be computed in accordance with rule 7B of the Income-tax Rules, 1962, and sixtypercent. or seventy-five per cent., as the case may be, of such income shall be regarded as the agricultural income of the assessee. Rule 5. Where the assessee is a member of an association of persons or a body of individuals (other than a Hindu undivided family, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar 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 or the 1st day of April, 2010 or the 1st day of April, 2011or the 1st day of April, 2012, (iii) 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 or the 1st day of April, 2010 or the 1st day of April, 2011or the 1st day of April, 2012, (iv) 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 against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011or the 1st day of April, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r commencing on 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 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013, (ii) 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 or the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013, (iii) 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 against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013, (iv) the loss so computed for the previous year relevant to the assessment yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Finance Act, 2008 (18 of 2008) or of the First Schedule to the Finance (No. 2) Act, 2009 (33 of 2009) or of the First Schedule to the Finance Act, 2010 (14 of 2010) or of the First Schedule to the Finance Act, 2011 (8 of 2011) or of the First Schedule to the Finance Act, 2012 (23 of 2012) 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-tax Act relating to procedure for assessment (including the provisions of section 288A relating to rounding off of income) shall, with the necessary modifications, apply in relation to the computation of the net agricultural income of the assessee as they apply in relation to the assessment of the total income. Rule 11. For the purposes of computing the net agricultural income of the assessee, the Assessing Officer shall have the same powers as he has under the Income-tax Act for the purposes of assessment of the total income. - - statute, statutory provisions legislation, la ..... X X X X Extracts X X X X X X X X Extracts X X X X
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