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Section 2 - RATES OF - Finance Act - Section 2 - CHAPTER II RATES OF 2. (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2015, shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surcharge, for purposes of the Union, calculated in each case in the manner provided therein. (2) In the cases to which Paragraph A of Part I of the First Schedule applies, where the assessee ha .....

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in respect of the total income; and (b) the chargeable shall be calculated as follows:- (i) the total income and the net agricultural income shall be aggregated and the amount of 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 fifty thousand rupees, and the amount of shall be determined in respect of the net agricultura .....

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ars 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 two lakh fifty thousand rupees , the words three lakh rupees had been substituted: Provided further that 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, referred to in item (III) of Paragraph A of Part I of the First Sch .....

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apter or that section, and with reference to the rates imposed by sub-section (1) or the rates as specified in that Chapter or section, as the case may be: Provided that the amount of computed in accordance with the provisions of section 111A or section 112 of the Act shall be increased by a surcharge, for purposes of the Union, as provided in Paragraph A, B, C, D or E, as the case may be, of Part I of the First Schedule: Provided further that in respect of any income chargeable to tax under sec .....

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tive society or firm or local authority, at the rate of ten per cent. of such , where the total income exceeds one crore rupees; (b) in the case of every domestic company,- (i) at the rate of five per cent. of such , where the total income exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of ten per cent. of such , where the total income exceeds ten crore rupees; (c) in the case of every company, other than a domestic company,- (i) at the rate of two per cent. of su .....

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ees 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 Act, and such income exceeds one crore rupees but does not exceed ten crore rupees, the total amount payable as on such income and surcharge thereon, shall not exceed the total amount payable as on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided also that i .....

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ion 115TA of the 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 twelve per cent. of such tax. (5) In cases in which tax has to be deducted under sections 193, 194, 194A, 194B, 194BB, 194D, 194LBA and 195 of the 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 purpo .....

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ssociation 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 Act, or co-operative society or firm, being a non-resident, calculated at the rate of twelve 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; (b) in the case of every company, other than a domestic company, calculate .....

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ion 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. (8) In cases in which tax has to be collected under section 206C of the Act, the collection shall be made at the rates specified in that section and shall be increased by a surcharge, for purposes of the Union,- (a) in the case of every individual or Hindu undivided family or associat .....

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two per cent. of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of five per cent. of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds ten crore rupees. (9) Subject to the provisions of sub-section (10), in cases in which has to be charged under sub-section (4) of section 172 or sub-section (2) of section 17 .....

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e, 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 Chapter XII-FA or Chapter XII-FB or sub-section (lA) of section 161 or section 164 or section 164A or section 167B of the 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 or section, as the case may .....

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omputed under the first proviso shall be increased by a surcharge, for purposes of the Union, calculated,- (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 referred to in sub-clause (vii) of clause (31) of section 2 of the Act, or co-operative society or firm or local authority, calculated at the rate of twelve per cent. of such advance tax , where the total income exc .....

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ore rupees but does not exceed ten crore rupees; (ii) at the rate of five per cent. of such advance tax , where the total income exceeds ten crore rupees: Provided also that in the case of persons mentioned in (a) above, having total income chargeable to tax under section 115JC of the 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 rup .....

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es: Provided also that in the case of every company having total income chargeable to tax under section 115JB of the 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 .....

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e tax payable under Chapter XVII-C of the said Act, at the rate or rates in force,- (a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in the total income after the first two lakh fifty thousand rupees of the total income but without being liable to tax], only for the purpose of charging or computing such or, as the case may be, advance tax in respect of the total income; and (b) such .....

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t of the net agricultural income as so increased at the rates specified in the said Paragraph A, as if the net agricultural income were the total income; (iii) the amount of or advance tax determined in accordance with sub-clause (i) shall be reduced by the amount of or, as the case may be, advance tax determined in accordance with sub-clause (ii) and the sum so arrived at shall be the or, as the case may be, advance tax in respect of the total income: Provided that in the case of every individu .....

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ime 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 fifty thousand rupees , the words five lakh rupees had been substituted: Provided also that the amount of 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 as specified in sub-sections (1) to (10) .....

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be deducted or collected under the sections of the 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 India. (12) The amount of 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 also be increased by an additional surcharge, for p .....

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