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RATES OF INCOME-TAX- DIRECT TAXES

A - Memorandum Explaining the Provisions in The Finance Bill, 2016 - Bill - A - FINANCE BILL, 2016 PROVISIONS RELATING TO DIRECT TAXES Introduction The provisions of Finance Bill, 2016 relating to direct taxes seeks to amend the Income-tax Act, 1961 ('the Act') , the Finance (No.2) Act, 2004, Finance Act, 2013 and Finance Act 2015, in order to provide for - A. Rates of Income-tax B. Additional Resource Mobilisation C. Widening of Tax Base and Anti-Abuse Measures D. Measures to Phase Out .....

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card games and other categories of income liable to deduction or collection of tax at source under the Act ; rates for computation of "Advance Tax ", deduction of income-tax from, or payment of tax on 'Salaries' and charging of income-tax on current incomes in certain cases for the financial year 2016-17. DIRECT TAXES A. RATES OF INCOME-TAX I. Rates of income-tax in respect of income liable to tax for the assessment year 2016-2017. In respect of income of all categories of asse .....

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sessment year 2016-2017, in the following cases:- (a) in the case of every individual 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 Act, cooperative societies, firms or local authorities, the amount of income-tax shall be increased by a surcharge for the purposes of the Union at the rate of twelve percent. of such income-tax in case .....

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JC of the Act and where such income exceeds one crore rupees, surcharge at the rate mentioned above shall be levied and marginal relief shall also be provided. (b) in the case of a domestic company- (i) having total income exceeding one crore rupees but not exceeding ten crore rupees, the amount of income-tax computed shall be increased by a surcharge for the purposes of the Union calculated at the rate of seven per cent. of such income tax; (ii) having total income exceeding ten crore rupees, t .....

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g ten crore rupees, the amount of income-tax computed shall be increased by a surcharge for the purposes of the Union calculated at the rate of five per cent. of such income tax. However, marginal relief shall be allowed in all these cases to ensure that the total amount payable as income-tax and surcharge on total income exceeding one crore rupees but not exceeding ten crore rupees, shall not exceed the total amount payable as income-tax on a total income of one crore rupees, by more than the a .....

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upees, or exceeds ten crore rupees, as the case may be, surcharge at the rates mentioned above shall be levied and marginal relief shall also be provided. (d) In other cases (including sections 115-O, 115QA, 115R or 115TA), the surcharge shall be levied at the rate of twelve percent. (2) Education Cess - For the assessment year 2016-2017, additional surcharge called the "Education Cess on income-tax" and "Secondary and Higher Education Cess on income-tax" shall continue to be .....

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n Part II of the First Schedule to the Bill. The rates for all the categories of persons will remain the same as those specified in Part II of the First Schedule to the Finance Act, 2015, for the purposes of deduction of income-tax at source during the financial year 2015-2016, except that in case of payments made to a resident (other than a company), in the nature of income by way of insurance commission, the rate shall be five per cent. of such income. (1) Surcharge- The amount of tax so deduc .....

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ax so deducted, in the case of a company other than a domestic company, shall be increased by a surcharge,- (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 incomes paid or likely to be paid and subject to the deduction exceeds ten crore rupees. .....

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computation of "advance tax" and charging of income-tax in special cases during the financial year 2016-2017. The rates for deduction of income-tax at source from "Salaries" during the financial year 2016-2017 and also for computation of "advance tax" payable during the said year in the case of all categories of assessees have been specified in Part III of the First Schedule to the Bill. These rates are also applicable for charging income-tax during the financial y .....

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l, Hindu undivided family, association of persons, body of individuals, artificial juridical person. Paragraph A of Part-III of First Schedule to the Bill provides following rates of income-tax:- (i) The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) 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 ( .....

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8377; 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 anytime during the previous year,- Upto ₹ 5,00,000 Nil. ₹ 5,00,001 to ₹ 10,00,000 20 per cent. Above ₹ 10,00,000 30 per cent. The amount of income-tax computed in accordance with the preceding provisions of this Paragraph shall be increased by a surcharge at the rate of fifteen .....

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the First Schedule to the Bill. These rates will continue to be the same as those specified for financial year 2015-16. The amount of income-tax shall be increased by a surcharge at the rate of twelve percent. of such income-tax in case of a co-operative society having a total income exceeding one crore rupees. However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one .....

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payable as income-tax and surcharge on total income exceeding one crore rupees 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. D. Local authorities The rate of income-tax in the case of every local authority is specified in Paragraph D of Part III of the First Schedule to the Bill. This rate will continue to be the same as that specified for the financial year 2015-16. The amount of in .....

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e specified in Paragraph E of Part III of the First Schedule to the Bill. In case of domestic company, the rate of Income-tax shall be twenty nine per cent. of the total income if the total turnover or gross receipts of the company in the previous year 2014-15 does not exceed five crore rupees and in all other cases the rate of Incometax shall be thirty per cent. of the total income. In order to provide relief to newly setup domestic companies engaged solely in the business of manufacture or pro .....

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production of any article or thing and is not engaged in any other business; (iii) the company while computing its total income has not claimed any benefit under section 10AA, benefit of accelerated depreciation, benefit of additional depreciation, investment allowance, expenditure on scientific research and any deduction in respect of certain income under Part-C of Chapter-VI-A other than the provisions of section 80JJAA; and (iv) the option is furnished in the prescribed manner before the due .....

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