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 →

RATES OF INCOME-TAX - DIRECT TAXES

A - Bill - Memorandum Explaining the Provisions in The Finance Bill, 2017 - Bill - A - FINANCE BILL, 2017 PROVISIONS RELATING TO DIRECT TAXES Introduction The provisions of Finance Bill, 2017 relating to direct taxes seek to amend the Income-tax Act, 1961 ('the Act') and the Finance Act, 2016. A. Rates of Income-tax B. Additional Resource Mobilisation C. Measures for Promoting Affordable Housing and Real Estate Sector D. Measures for Stimulating Growth E. Promoting Digital Economy F. Tra .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

III of the First Schedule to the Finance Act, 2016 as amended by the Taxation Laws (Second Amendment) Act, 2016 (No.48 of 2016), for the purposes of computation of "advance tax", deduction of tax at source from "Salaries" and charging of tax payable in certain cases. (1) Surcharge on income-tax- The amount of income-tax shall be increased by a surcharge for the purposes of the Union,- (a) in the case of every individual or Hindu undivided family or every association of person .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e-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. In the case of persons mentioned in (a) and (b) above having total income chargeable to tax under section 115JC 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. (c) in 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

he case of a company, other than 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 two per cent. of such income tax; (ii) having total income 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 five per cent. of such 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

al 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. Also, in the case of every company having total income chargeable to tax under section 115JB of the Act and where such income exceeds one crore rupees but does not exceed ten crore rupees, 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. (e) In other .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

available in respect of such Cesses. II. Rates for deduction of income-tax at source during the financial year 2017-18 from certain incomes other than "Salaries". The rates for deduction of income-tax at source during the financial year 2017-18 from certain incomes other than "Salaries" have been specified in 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 Fi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nd subject to the deduction exceeds fifty lakh rupees but does not exceed one crore rupees; (b) at the rate of fifteen 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; and (ii) in case of a firm or cooperative society, 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. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

n crore rupees. No surcharge will be levied on deductions in other cases. (2) Education Cess- "Education Cess on income-tax" and "Secondary and Higher Education Cess on income-tax" shall continue to be levied at the rate of two per cent. and one per cent. respectively, of income tax including surcharge wherever applicable, in the cases of persons not resident in India including company other than a domestic company. III. Rates for deduction of income-tax at source from " .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

financial year 2017-18 on current incomes in cases where accelerated assessments have to be made, for instance, provisional assessment of shipping profits arising in India to non-residents, assessment of persons leaving India for good during the financial year, assessment of persons who are likely to transfer property to avoid tax, assessment of bodies formed for a short duration, etc. The salient features of the rates specified in the said Part III are indicated in the following paragraphs- A. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

clause (31) of section 2 of the Act (not being a case to which any other Paragraph of Part III applies) are as under:- Upto ₹ 2,50,000 Nil. ₹ 2,50,001 to ₹ 5,00,000 5 per cent. ₹ 5,00,001 to ₹ 10,00,000 20 per cent. Above ₹ 10,00,000 30 per cent. (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,- Upto ₹ 3,00,000 Nil. ₹ 3,00,001 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

a surcharge at the rate of,- (i) ten per cent. of such income-tax in case of a person having a total income exceeding fifty lakh rupees but not exceeding one crore rupees; and (ii) fifteen per cent. of such income-tax in case of a person having a total income exceeding one crore rupees. However, in case of (i) above, the total amount payable as income-tax and surcharge on total income exceeding fifty lakh rupees but not exceeding one crore rupees, the total amount payable as income-tax and surch .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

case of co-operative societies, the rates of income-tax have been specified in Paragraph B of Part III of the First Schedule to the Bill. These rates will continue to be the same as those specified for financial year 2016-17. The amount of income-tax shall be increased by a surcharge at the rate of twelve per cent. 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 e .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

uch income-tax in case of a firm 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 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 has been specified in Paragraph D of Part III of the First Schedule to t .....

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 amount of income that exceeds one crore rupees. E. Companies The rates of income-tax in the case of companies have been 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 five per cent. of the total income if the total turnover or gross receipts of the previous year 2015-16 does not exceed fifty crore rupees and in all other cases the rate of Income-tax shall be thirty per cent. of the total income. In 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

 

 

 

 

 

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