Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

Income Tax

Clause 2 - Bills - RATES OF INCOME-TAX - Bill - Clause 2 - CHAPTER II RATES OF INCOME-TAX 2. (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2016, income-tax 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 Schedul .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nly for the purpose of charging income-tax in respect of the total income; and (b) the income-tax chargeable shall be calculated as follows:- (i) 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 fifty thousand rupees, and th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 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 m .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ncome-tax Act, 1961(43 of 1961) (hereinafter referred to as the Income-tax Act) apply, the tax chargeable shall be determined as provided in that Chapter 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 income-tax computed in accordance with the provisions of section 111A or section 112 of the Income-tax Act shall be increased by a surcharge, for the purposes of the Un .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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, or co-operative society or firm or local authority, at the rate of twelve per cent. of such income-tax, where the total income exceeds one crore rupees; (b) in the case of every domestic company,- (i) at the rate of seven per cent. of such income-tax, where the total income exceeds one crore rupees but .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

in (a) above, having total income chargeable to tax under section 115JC of the Income-tax Act, and such income exceeds one crore rupees, the total amount payable as income-tax on such income and surcharge thereon 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 also that in the case of every company having total income chargeable to tax under section 115JB of the Income-tax Act .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ount payable as income-tax on such income and surcharge thereon, shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees. (4) In cases in which tax has to be charged and paid under section 115-O or section 115QA or subsection (2) of section 115R or section 115TA or section 115TD of the Income-tax Act, the tax shall be charged and paid at the rates as specified in those sections and .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

vided therein. (6) In cases in which tax has to be deducted under sections 192A, 194C, 194DA, 194E, 194EE, 194F, 194G, 194H, 194-I, 194-IA, 194J, 194LA, 194LB, 194LBA, 194LBB, 194LBC, 194LC, 194LD, 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 in .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees; (c) in the case of every company, other than a domestic company, calculated,- (i) at the rate of two 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 but does not exceed ten crore rupees; (ii) at the rate of five per cent. of such tax, where the income or the aggregate of such inc .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

t, 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 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, being a non-resident, calculated at the rate of fifteen per cent. of such tax, where the amount or th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 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 ( .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 (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 or section, as the case may be: Provided furthe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ome-tax Act, advance tax computed 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 Income-tax Act, calculated at the rate of fifteen per cent. of such advance tax , where the total income exceeds one crore .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

es; (d) in the case of every company, other than a domestic company, calculated,- (i) at the rate of two per cent. of such advance tax , where the total income exceeds one crore 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) and (b) above, having total income chargeable to tax under section 115JC of the Income-tax Act, and such income .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

dvance 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 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

to total income and the total income exceeds two lakh fifty thousand rupees, then, in charging income-tax under sub-section (2) of section 174 or section 174A or section 175 or sub-section (2) of section 176 of the said Act or in computing the advance 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 i .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ct 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 income-tax or advance 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 were the total income; (iii) the amount of income-tax or advance tax deter .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ph 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 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 III of the First Schedule, the provisions of this sub-section shall have effect as if for the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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 the Income-tax Act mentioned in sub-sections (5), (6), (7) and (8), if the incom .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he rate of one per cent. of such income-tax and surcharge so as to fulfil the commitment of the Government to provide and finance secondary and higher 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 the Income-tax 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 pe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

means any remuneration or reward, whether by way of commission or otherwise, for soliciting or procuring insurance business (including business relating to the continuance, renewal or revival of policies of insurance); (c) net agricultural income , in relation to a person, means the total amount of agricultural income, from whatever source derived, of that person computed in accordance with the rules contained in Part IV of the First Schedule; (d) all other words and expressions used in this sec .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s 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 2016-17. Rates of income-tax for the assessment year 2016-17 Part I of the First Schedule to the Bill specifies the rates at which income is liable to tax for the assessment year 2016-17. These rates are the same as those specified in Part III of the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s are the same as those specified in Part II of the First Schedule to the Finance Act, 2015 for the purposes of deduction of at source during the financial year 2015-16 except that in case of payment of income by way of insurance commission to a person, other than a company, resident in India , tax shall now be deducted at source at the rate of five per cent. ,as against the earlier rate of ten per cent. The amount of tax so deducted shall be increased by a surcharge in the case of- (i) every no .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ate of twelve per cent. where the income or the aggregate of income paid or likely to be paid and subject to deduction exceeds one crore rupees; (iii) every company other than a domestic company at the rate of two per cent. where the income or the aggregate of income paid or likely to be paid and subject to deduction exceeds one crore rupees but does not exceed ten crore rupees; (iv) every company other than a domestic company at the rate of five per cent. where the income or the aggregate of in .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

in special cases for the financial year 2016-17. Paragraph A of this Part specifies the rates of income-tax as under:- (i) in the case of every individual [other than those specifically mentioned in sub-paras (ii) and (iii)] or Hindu undivided family or every 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, not being a case to which any other Paragraph of this .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

8377; 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 ₹ 5,00,001 to ₹ 10,00,000 20 per cent. Above ₹ 10,00,000 30 per cent.; The surcharge in cases of persons referred to in this paragraph, having income above one crore rupees, shall be levied at the rate of fifteen per cent. Marginal relief will be provided. Paragraph B of this .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

same as that specified for assessment year 2016-17. The surcharge in cases of firms, having income above one crore rupees shall be levied at the rate of twelve per cent. Marginal relief will be provided. Paragraph D of this Part specifies the rate of income-tax in the case of every local authority. In such cases, the rate of tax will continue to be the same as that specified for the assessment year 2016-17. The surcharge in cases of local authorities, having income above one crore rupees shall b .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version