TMI BlogTHE FIRST SCHEDULEX X X X Extracts X X X X X X X X Extracts X X X X ..... ount by which the total income exceeds ₹ 5,00,000; (4) where the total income exceeds ₹ 10,00,000 ₹ 1,30,000 plus 30 per cent. of the amount by which the total income exceeds ₹ 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 ₹ 2,50,000 Nil; (2) where the total income exceeds ₹ 2,50,000 but does not exceed ₹ 5,00,000 10 per cent. of the amount by which the total income exceeds ₹ 2,50,000; (3) where the total income exceeds ₹ 5,00,000 but does not exceed ₹ 10,00,000 ₹ 25,000 plus 20 per cent. of the amount by which the total income exceeds ₹ 5,00,000; (4) where the total income exc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome exceeds ₹ 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 purposes 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, Rate 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 or section 112, shall, in the case of every firm, having a total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, if any, of the total income 40 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 or section 112, shall, in the case of every company, be increased by a surcharge for the purposes of the Union calculated, (i) in the case of every domestic company (a) having a total income exceeding one crore rupees, but not exceeding ten crore rupees, at the rate of 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 not exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ( C ) any security of the Central or State Government; ( vi ) on any other income 10 per cent.; ( b ) where the person is not resident in India ( i ) in the case of a non-resident Indian ( A ) on any investment income 20 per cent.; ( B ) on income by way of long-term capital gains referred to in section 115E or sub-clause ( iii ) of clause ( c ) of sub-section ( 1 ) of section 112 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 30 per cent.; ( 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 (not being income by way of interest referred to in section 194LB or section 194LC) 20 per cent.; ( 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 subsection ( 1A ) of section 115A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent.; ( 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 subclause ( iii ) of clause ( c ) of sub-section ( 1 ) of section 112 10 per cent.; ( ix ) on income by way of other 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-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 (i) item 1 of this Part, shall be increased by a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 115BB or section 115BBA or section 115BBC or section 115BBD or section 115BBE or section 115E or section 115JB or section 115JC] 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 ₹ 2,50,000 Nil; (2) where the total income exceeds ₹ 2,50,000 but does not exceed ₹ 5,00,000 10 per cent. of the amount by which the total income exceeds ₹ 2,50,000; (3) where the total income exceeds ₹ 5,00,000 but does not exceed ₹ 10,00,000 ₹ 25,000 plus 20 per cent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of ten per cent. of such income-tax: Provided that in the case of persons 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 B In the case of every co-operative society, Rates of income-tax (1) where the total income does not exceed ₹ 10,000 10 per cent. of the total income; (2) where the total income exceeds ₹ 10,000 but does not exceed ₹ 20,000 ₹ 1,000 plus 20 per cent. of the amount by which the total income exceeds ₹ 10,000; (3) where the total income exceeds ₹ 20,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come 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 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 1 st 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 29 th 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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-house by the receiver of the rent or revenue of the cultivator or the receiver of rent-in-kind referred to in the said subclause (c)] shall be computed as if it were income chargeable to income-tax under that Act under the head Profits and gains of business or profession and the provisions of sections 30, 31, 32, 36, 37, 38, 40, 40A [other than sub-sections (3) and (4) thereof], 41, 43, 43A, 43B and 43C of the Income-tax Act shall, so far as may be, apply accordingly. Rule 3. Agricultural income of the nature referred to in sub-clause (c) of clause (1A) of section 2 of the Income-tax Act, being income derived from any building required as a dwelling-house by the receiver of the rent or revenue or the cultivator 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ltural income: P rovided 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 income. Rule 7. Any sum payable by the assessee on account of any tax levied by the State Government on the agricultural income shall be deducted in computing the agricultural income. Rule 8. (1) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 2014, any agricultural income and the net result of the computation of the agricultural income of the assessee for any one or more of the previous years relevant to the assessment years 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 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, is a loss, then, for the purposes of sub-section (2) of section 2 of this Act, (i) the loss so comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment year commencing on the 1st day of April, 2012 or the 1 st day of April, 2013, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2012, 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, 2013, (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2013, shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 2014. (2) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1 st day of April, 2015, 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 agricultural income and the net result of the computation of the agricultural income of the assessee for any one or more of the previous year relevant to the assessment years commencing on the 1st da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f April, 2012 or the 1 st day of April, 2013 or the 1st day of April, 2014, (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2012, 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, 2013 or the 1 st day of April, 2014, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2013, 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, 2014, (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2014, shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 2015. (3) Where any person deriving any agricultural income from any source has been succeeded in such capacity by another person, otherwise than by inheritance, nothing in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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